Wednesday 5 October 2022

Expanding Your Business Into South America

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05 October 2022 - At The Banks - BCCR

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QBUSINESS – Are you ready to take your business international? Do you want to expand into other markets where you can generate even more interest in your products and make even more sales? Well, South America is a great place to start because it offers you a host of opportunities for long-term growth. Check out the tips below for expanding your business into South America so you can make the most of entering a new market.

Answer a Few Questions Before You Start
Before going through with your expansion into South America and getting promotional materials from places like to let everyone know about your decision, you should answer a few key questions. These will help you determine the best route to take to success.

First of all, how many contracts will you be able to manage per year, and what’s the total amount that you can spend annually? Also, how many suppliers will you be using for this expansion, and is there a specific number of work locations that you have in mind? Finally, how will you be hiring people for your new locations?

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Once you have a clearer picture of what you have available and what the potential for growth is, you can move forward with more confidence.

Get to Know the FTAA
Since the ‘90s, roughly 27 multilateral, trilateral, and bilateral agreements have been created throughout Latin America, and these provide the building blocks for the Free Trade Agreement of the Americas, or FTAA.

Right now, the FTAA is under negotiation. However, if it passes, it will expand upon NAFTA, the North American Free Trade Agreement. It will include another 31 countries, specifically those in the Western Hemisphere, making this the biggest trading area on the planet. A lot of US companies will begin shifting their production from Asia to Latin America as a result, meaning you have a great opportunity to grow your company as well.

Consider the Challenges
Just as you would consider the challenges involved with expanding into any other part of the world, South American expansion will present its own risks. Establishing solid relationships with local businesses, as well as great partnerships with fellow professionals, will help you come up with solutions that will work for your brand. Employing the help of experienced logistics partners with global experience will also definitely make things easier. Therefore, don’t rush into any agreements or sign any contracts until you have really done your research.

Some of the things to consider when expanding into South America are:

  • Labour regulations and rules
  • Transportation infrastructure is still in development in many areas
  • Crime is common throughout South America, so security should be a top priority
  • Supply chain management and risk planning is necessary, especially because of the natural disasters that commonly occur throughout South America

Keep the information and tips above in mind as you make your expansion into South America. With plenty of emerging markets to take advantage of, you should find that, with the right planning, your business is able to grow by leaps and bounds.

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"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

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