It can be rewarding, both emotionally and financially, to open a new business in a country such as Brazil. To be successful, it’s critical to have realistic expectations. No matter where you are setting up a company, the venture can be risky, and there are obstacles you might have to overcome. Luckily, there are a few ways that you can increase your chances of being successful.
Becoming Prepared
No matter what type of company you want to start, it’s best to start preparing now. Start by doing your research on Brazil. Look for similar markets to the ones you want to serve. It’s best if you don’t have to make too many changes to your offerings to meet the laws. Create a plan so you can move forward with your company. Many business owners also choose to get their MBA. That way, they can gain important entrepreneurship skills. Often, getting a degree also allows you to make valuable connections as well as gain a critical foundation of knowledge. Paying for school can be difficult, which is why many students choose to take out student loans with a private lender in order to pay for their graduate MBAs. That way, you will not need to delay starting your education.
Do Your Research
Some people believe that it is easier to set up a company in another country than at home. However, expect some things to go wrong since they are unlikely to go as you plan. You’ll want to look into Brazil’s regulations, such as employment law, taxation, and financial restrictions. If you are moving goods in or out of Brazil, you’ll also need to look at the import and export laws. See if there are restrictions on your specific items and how much it will cost to move them. Property rights can also be different in Brazil, so don’t just assume that your goods are safe.
Also, the culture is different in Brazil than in the United States, so consider working with a business consultant that understands both cultures. Work with them until you have confidence in your ability to understand communication. Remember, even simple gestures such as handshakes might have a different meaning in another country. Or if you bring the wrong gift, disaster might result. In some areas, religion might also affect the way that you do business. Consider hiring Brazilians to work in your company since they might be more trusted by your target market.
Figure Out a Budget
There are many reasons that new companies fail. However, a common reason is that they run out of money. That often happens when the owner does not accurately estimate how much revenue will be coming in. It’s always hard to create a new company, but if you don’t have realistic expectations, it can be even harder. When you are making revenue estimates, it’s critical to be conservative with how much you’ll really make. Be generous in your expenses estimates and assume that it will take longer than you think to break even.