The objective of this research is to identify the factors that affect the negotiation process of SMEs in trade shows, which represent one of the most important export promotion instruments. Semi-structured interviews were carried out with Peruvians who participated in negotiations. A conceptual model was developed, which integrates the various factors identified in the literature such as (1) background factors, (2) strategic factors, (3) cultural factors, (4) negotiator factors, and (5) psychological factors, in order to confirm their impact on the negotiation process. The results revealed factors that had not been previously considered in the literature, providing a valuable insight for a future study. This research seeks to maximize the effectiveness of negotiations at trade shows, which impact the performance and export activity of exhibiting firms, allowing better export promotion policies to be developed.