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Market Entry in a New Country is an Investment and a Risk: Do your Research!
Nothing is worse for Return on Investment with your market entry than searching a partner, concluding an agreement, adapting your product, training the partner and then to find out that the market is practically non-existent.
Start With Getting to Know the Country
The situation mentioned above is actually quite common. Although you can always see it as a learning experience, these risks can at least be reduced. To get to know the country better than just the airport and the capital’s central business district is the perfect start. Having a trusted person who knows and can help you to define the right entry strategy can also be of a great advantage.
Market Research Will Increase Your Chances for Success
Extensive quantitative reports often do not provide the information that can influence the decision making process. More qualitative research, such as distributor opinions or a pilot with end customers can help to provide more specific and relevant information. This research may lead to a decision not to enter the market: which will save you from a financial failure.
Biz Latin Hub can assist you doing business in Latin America & the Caribbean
At Biz Latin Hub, we provide integrated market entry and back office support to investors throughout Latin America and the Caribbean, with offices in more than a dozen countries around the region and trusted partners in many more.
That unrivaled reach means we are ideally places to support multi-jurisdiction market entries and cross-border operations.
Our portfolio of services includes company formation, accounting & taxation, legal services, bank account opening, and hiring & PEO.
Contact us today to find out more about how we can support you.
If you found this article on nearshoring in Latin America of interest, check out the rest of our coverage from across the region. Or read about our team and expert authors.
Alliance experts is a global network of business development specialists. They help companies enter new markets profitably. More information in: http://www.allianceexperts.com/