Strong networks are the key to success for entrepreneurs

There are so many good reasons to start a business – American Express research shows that many entrepreneurs start their own business to have the freedom to manage their own work (51%), achieve a better work-life balance (42%) and feel happier, happier and more fulfilled (38%).

To ensure the business is sustainable in the long term, there are several ways small businesses can achieve success.

Entrepreneurs recognize the need for help

Although half (50%) of entrepreneurs surveyed think it is ‘easy’ to start your own business in Britain, entrepreneurs recognize that entrepreneurship can be challenging.

When asked what 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 foundation, and 30% said they would have looked for more have searched. advice or expertise.

It is clear that entrepreneurs need ongoing support to help deal with some of the challenges they face on their business journey.

Networks are an integral part of success

The strong support networks found among the business community are critical to driving long-term, sustainable success for small businesses.

Business owners themselves recognize how integral support networks are. Our research shows that more than two-thirds (67%) of entrepreneurs understand the challenges entrepreneurs face and are keen to help each other where possible. As part of this effort, we found that nearly a quarter (24%) of entrepreneurs 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 new perspectives from each other, and convey their ideas to other small business owners, who can address factors they might not have otherwise considered.

This is especially important for small business owners who may not yet have the experience to tackle problems on their own. Research conducted by productivity champion Be the Business shows that a third (33%) of businesses that received advice reported increasing revenues, compared to around a quarter (26%) that did not. real impact on business performance.

As part of these advice-based 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 help them get the most out of their spending.

Refer a small business owner and earn extra rewards with American Express

American Express has its best-ever offer for business referrals on its American Express® Business Platinum and Business Gold cards. Through July 2, 2024, cardholders who refer other small business owners for a 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 an additional 2 points per pound spent on £10,000 of spend, up to 20,000 points for 1 month of successful referral. Referees earn 35,000 points if they spend at least £6,000 within the first three months.

On the Business Platinum Card, referrers earn 30,000 Membership Rewards® points and an additional 2 points per pound spent on £20,000 of spend up to 40,000 points for 1 month of successful referral. Referees earn 70,000 points if they spend at least £12,000 within the first 3 months.

Click for more information about the offer. Terms and conditions apply. 18+ depending on status. American Express Business Gold Card annual fee: £195 (£0 in the first year). Annual fee for American Express Business Platinum Card: £650.

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