There are so many great reasons to start a business – research from American Express reveals that many entrepreneurs start their own businesses to have the freedom to manage their own work (51%), enjoy a better work-life balance (42%) and feel happier and more fulfilled (38%).
To ensure that the business is sustainable in the long-term, there are several ways small businesses can set themselves up for success.
Business owners recognise the need for help
Even though half (50%) of the entrepreneurs surveyed think it’s ‘easy’ to start your own business in the UK, business owners recognise that entrepreneurship can be challenging.
When asked what, if anything, they would have done differently when starting their business, 37% said they would have developed a clearer business plan, 30% said they would have built a stronger financial base, and 30% said they would have sought more advice or expertise.
It is clear entrepreneurs need ongoing support to help navigate some of the challenges they face on their business journey.
Networks are an integral part of success
The strong support networks that can be found among business communities are key to driving long-lasting, sustainable success for small businesses.
Business owners themselves recognise how integral support networks are – our research found that over two-thirds (67%) of business owners understand the challenges entrepreneurs face and are keen to help each other wherever possible. As part of this effort, we found that almost a quarter (24%) of business owners are joining small business networks to help support other entrepreneurs in their community.
By building a network of trusted contacts, business leaders can share their experiences and solutions, gain fresh perspectives from each other, and bounce their ideas off other small business owners who may raise factors that they might not have otherwise considered.
This is especially important for small business owners who might not yet have the experience to tackle issues on their own. Research conducted by productivity champions Be the Business found that a third (33%) of those businesses who received advice reported increasing revenues, compared with about a quarter (26%) who didn’t – having trusted peers who can provide their advice has a real impact on business performance.
As part of those advice-led conversations, small business owners can provide recommendations and referrals which can help others to make informed decisions about their business and take advantage of offers that can help them make the most of their spending.
Refer a small business owner and earn additional rewards with American Express
American Express is running its best ever refer a business offer on its American Express® Business Platinum and Business Gold Cards. Until 2 July 2024, Cardmembers who refer other small businesses owners for a Business Gold or Platinum Card will earn additional benefits.
Referrers who successfully refer a small business owner for a Business Gold Card will earn 20,000 Membership Rewards® points and an additional 2 points per pound spent for £10,000 of spend up to 20,000 points for 1 month of successful referral. Referees will earn 35,000 points if they spend a minimum of £6,000 within the first 3 months.
On the Business Platinum Card, referrers will earn 30,000 Membership Rewards® points and an additional 2 points per pound spent for £20,000 of spend up to 40,000 points for 1 month of successful referral. Referees will earn 70,000 points if they spend a minimum of £12,000 within the first 3 months.
Click here for more information on the offer. Terms and conditions apply. 18+ subject to status. American Express Business Gold Card Annual Fee: £195 (£0 in the first year). American Express Business Platinum Card Annual Fee: £650.
American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. It is registered in England and Wales with Company Number 1833139 and authorised and regulated by the Financial Conduct Authority.
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Strong networks are key to success for business owners