There are many great reasons to start a business – research from American Express reveals that many entrepreneurs start their own business to have the freedom to run their business (51%), enjoy a better work-life balance (42%) and feel happier and more fulfilled (38% ).
To ensure long-term business sustainability, there are several ways small businesses can set themselves up for success.
Business owners recognize the need for help
Although half (50%) of entrepreneurs surveyed think it is “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 created 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 that entrepreneurs need ongoing support to help them overcome some of the challenges they face in their business journey.
Networking is integral to success
Strong support networks that can be found among business communities are key to long-term and sustainable success for small businesses.
Business owners themselves recognize the importance of support networks – Our research found that more than two-thirds (67%) of business owners recognize the challenges faced by entrepreneurs and are keen to help each other where they can. As part of this effort, we found that nearly a quarter (24%) of business owners join 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 new perspectives from each other, and exchange their ideas with other small business owners who may bring up factors they may not have otherwise considered.
This is especially important for small business owners who may not have the expertise to tackle problems themselves. Research from productivity champions Be the Business found that a third (33%) of businesses that received advice reported increased revenue, compared to around a quarter (26%) that didn’t – having trusted peers who can offer advice has a real positive impact on business performance.
As part of these advice-led conversations, small business owners can provide recommendations and referrals that can help others make informed decisions about their business and take advantage of offers that can help them get the most out of their spending.
Become a small business owner and earn extra rewards with American Express.
American Express is offering the best business deals ever on the American Express® Business Platinum and Business Gold Cards. Through July 2, 2024, Cardmembers who refer other small business owners to the Business Gold or Platinum Card will receive additional benefits.
Referrers who successfully refer a small business owner for a Business Gold Card will earn 20,000 Membership Rewards® points and 2 bonus points per pound spent for £10,000 of spending up to 20,000 points for one month of successful referral. Judges will receive 35,000 points if they spend at least £6,000 within the first three months.
On the Business Platinum card, referrers will earn 30,000 Membership Rewards® points and 2 bonus points per pound spent for £20,000 of spending up to 40,000 points for one month of successful referral. Judges will receive 70,000 points if they spend at least £12,000 within the first three months.
Click For more information about the offer. Terms and conditions apply. 18+ subject to status. American Express Business Gold Card Annual fee: £195 (£0 in the first year). Annual fee for the American Express Business Platinum Card: £650.
American Express Services Europe Limited’s registered office is at Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom. It is registered in England and Wales with company number 1833139 and is authorized and regulated by the Financial Conduct Authority.