Latin America is a very big emergent market that encompasses over 20 countries with a population of 570 million people. This region has weathered the global economic quite well and manages to still post some positive growth rates in the majority of its countries. It is no surprise that international companies are rushing to this area to take advantage of business opportunities in LAtin America to increase their global sales.
Things You Will Need
In order to start to export to Latin America , you will need some time and patience to thoroughly investigate and gather as much information as possible. This market is emerging therefore it will not necessarily have the infrastructures that you might be used to in more developed countries. Patience is key.
Step 1Determine the countries you want to pursue and invest in
The top 5 strongest economies in Latin America are:
This would be a good start but your selection will greatly depend on the product and services you want to promote to new markets.
Step 2Contact embassies and consulates
Embassies and consulates have a wealth of information, data and statistics that can help you determine your strategy to export or import . For example, if you sell electronics, try to find the countries that have the highest demand for this item. Also determine which of your competitors are already on the market so you can manage accordingly.
The level of service and help to your project will greatly depend on each embassy unfortunately.
Step 3Contact Chamber of Commerce
These association can also give you support by organizing several networking events you can attend. This is a great opportunity to meet potential business partners. Unfortunately, membership are not free most of the time. You will need to pay a few hundred dollars per year which can be hard for small businesses.
If you are looking to expand your business to new markets, Latin America should definitely be on top of your list. This market represents endless business opportunities that any company should look into.
Tips & Warnings
If your client do not pay you
If you find yourself in a situation where your client has not payed you and you have not insured yourself, do not panic. You can still contact a Debt Collection Agency to try to collect some of your money back.