Corporations always work to expand and grow, regardless of their current sizes. For small businesses, this can be a challenge because a lot of the markets around the world are already overcrowded and most niches are served by local companies which means any type of international expansion is a costly business.
Recently, one location has emerged as a potential gold mine for Britain’s small business owners, and that is the country of Brazil. In 2012, this Latin American country overtook the UK as the seventh largest economy in the world, being one of the fastest growing markets, and the largest economy in the region.
In fact, Prime Minister David Cameron recently travelled to Brazil in order to promote the economic interest of Britain. Back in September, he visited some of the sites booming with economic activity, and came back to the UK telling businesses that Brazil was fertile ground for commerce.
The UKTI is the government set up to increase exports and it said that Brazil’s GDP per head is growing even faster than China. For small businesses, the country has a lot to offer. Soon, Brazil will host the next Fifa World Cup in 2014, and then the summer Olympics in 2016, which could lead to new sponsorships and business opportunities.
Of course, like any investment deal, it is crucial that companies and entrepreneurs understand the business environment that they will be targeting abroad. There are some key facts to know about the Brazil market.
First, there are 26 different administrative regions in the country and they all have their own traditions and rules. Finding the right area to do business in is very important. Another tip is to understand how the regulations are set in order to work with local businesses and set up ventures.