Becoming an Entrepreneur in Latin America
Entrepreneurs today are fortunate with having a great choice of locations, both within the United States as well as in many Latin American countries where starting a business can be lucrative. While some will opt to stay in the U.S. where startup fees can range from moderate to excessive, many have overlooked ideal locations in Latin America where startup cost may be low and maintaining a new business can be a cost-effective decision and one that works well for the future. As an entrepreneur, when you love what you do, being able to start a business in a country where your costs may stay low enough to make a good profit is something to consider.
Before packing up and moving to a new country, it’s wise to first scout an area you are interested in to see how the business infrastructure is set up and to speak to local business owners to see how they do. It’s also good to see how much competition a business will have in specific areas. Entrepreneurs considering a Latin America move will be happy to know there is a large community for start-ups, especially those in the tech industry in countries including Argentina, Chile and Colombia.
Once you determine the country you feel is best, take time to contact a reliable moving company as well as a company to ship your car. Sure, you can attempt driving to Central or South America on your own, but you’re going to find that many roads are not only dangerous because of road conditions, but more importantly, because of bandits along the way who wait for Americans to travel. It is much safer to contact an international moving company to ship all your possessions. Once you get settled, you will find that most primary roads, and most secondary roads throughout South America and Central America are in great condition for travel. You may need to keep your eyes open for people, potholes, cows and other animals in the roadway as well as fast drivers and other traffic.
Reasons to Start Up in Latin America
There are quite a few sensible reasons to consider a Latin American storefront or corporate office for a new business. Here are a few of the most important:
Low Start Up Cost. In many cities, local governments offer incentives to entrepreneurs who will relocate to start a new business, especially of the business will employ local citizens. It is possible to start up for as little as a few hundred U.S. dollars and be up and running within a week or less depending on the type of business. Countries such as Argentina are known for having many college graduates, and this will help when it comes time to hire a crew for business operations.
Large Entrepreneurial Community. You will find a large community of fellow entrepreneurs to reach out to all throughout Latin America. On top of those who have moved from the U.S. to open shop in the local communities, you will also find quick access to companies the supply materials and other much needed tech and office supplies as well as many incentives offered by the local government to entice entrepreneurs to town. These can include low tax rates and affordable office space.
Affordable Cost of Living. You may be used to seeing office space or home rentals priced high if you live in a U.S. city like New York, Atlanta, Los Angeles or Miami and for some, it can be scary to start a search for a new home or office in a foreign country. If you are unfamiliar with the local area you plan to open shop in, it is advisable to work with a trustworthy real estate agent who will know where the best business spaces are located as well as where the best homes are. A realtor can show you homes that are geared to meet your needs and lifestyle and in Latin America, you may be surprised at the low costs you will pay for living in style.
On top of a low cost of living and affordable office space or even finding suitable employees, Latin America has a wealth of hot nightclubs, great places to shop for far less than most Americans are accustomed to and when you combine affordability, entertainment options and a variety of skilled workers, you will find that you have the ideal setting for building your business in Latin America.