Statistics show that companies with more women on their boards outperform rivals, even though, “in 2010 women made up only 12.5% of the members of the corporate boards of FTSE 100 companies. … the rate of increase is too slow.” That’s Lord Davies of Abersoch, CBE speaking, in his report Women on Boards (Feb 2011). In contrast, figures from the UK’s Office for National Statistics show that self-employment is decreasing amongst men but increasing amongst women across all regions of the UK and the trend is set to continue.

Does that mean that the bad news in the boardroom is good news for SMEs? Do women prefer to run their own show? And if so, what skills do they need to ensure that their business grows beyond the 3-year danger point, where statistically over 50% of new businesses fail?

As CEO of The Academy Group I am fortunate to work with a team of ‘millionaire mentors’ who advise new businesses. These are all highly successful people, the majority of whom share the core character traits of self-confidence, personal resilience, decisiveness and vision – and the most vital of all for business success – self-discipline.

In my experience as a leadership coach and business mentor, the people who stay ahead of the game – and the ones who get the furthest in business are those who allow themselves no room for self-indulgence or excuses.

They have a plan, they keep to the plan, they know their strengths and delegate the tasks they are not very good at, or dislike. They stay focused on doing whatever is needed to achieve and surpass their goals.

Of course, these are traits shared by men and women – but there is another factor to bear in mind when running a small business – the willingness to ask for help and to listen to advice on matters where your skill level may be low. Women are generally comfortable seeking advice, and asking questions. Many will make time to go on courses to learn new skills. By nature most are comfortable communicators and will naturally collaborate when working – which is ideal in the new world of Internet networking and online marketing. There is every reason why women in business will continue to succeed in business – both in and out of the boardroom.

But going into business is not for everyone – and it can be a painful path to follow if you have not researched and prepared the ground in advance. Following are my top tips for getting started – and deciding whether you should DO IT! or DITCH IT.

1          Do it! Believe in your idea 100%

Only dedicate time and energy to developing your business idea if you feel passionate about it. Belief is what keeps you going when the going gets tough - and inspires others to follow you.

2          Do it! Do your market research

Make sure your business idea is a calculated risk, not a foolhardy gamble. Never make assumptions about your customers, competitors or pricing. A common mistake is to over-estimate the number of customers or level of revenue in the first year of trading. A useful strategy is to start (very) small and grow gradually. Know your customer profile and make sure everything you do is aligned with targeting that market.

3          Do it! Expect the best – plan for the worst

Pour your enthusiasm into the structure of a business plan and take advice from a business expert who has solid experience. A commercially sound plan is an essential roadmap for success.

4          Do it! Find a business mentor

Working with a mentor to jump-start your skills will put you in a position of strength. If you take good advice in advance, you are less likely to have to learn from expensive mistakes.

 5         Do it! Create a business presence

Location is everything if you are on the high street; presence is everything if you are running a business online. Ensure your profile is professional and appropriate for your customer base.

 6         Do it! Be prepared to sell, sell, sell

Too many start-ups spend too much time developing the product or service and not enough time planning how to take it to market and how to sell it. Until you have customers you don’t have a business. To build a sustainable business you need to tell as many people as possible that you exist and to keep communicating your business message as clearly as you can – and ask them to be proactive about recommending you too. Selling and success go hand in hand. The more effective you are at selling, the better able you will be to provide a great service to your clients.

 7         Do it! Know your niche

Businesses fail not because the owners aren’t good enough at what they do – but because they aren’t effective at generating enough new clients. Unfortunately it is not enough to be well-qualified and to have a website or to think ‘my reputation will do the talking’. Being successful is not only about being professionally excellent, it is about being clear about your niche area of expertise and prospecting for clients, managing costs, and marketing yourself in an ongoing and cost-effective way.

8          Do it!   Get Profit and Loss savvy

Look at your costs; look at your prices; set them properly and view your business as a business. Ask yourself: What are my running costs? How much do I need to earn per year? How much do I need to allow for tax and insurance? ‘How much profit do I need to make – per year, per month, per week – to make this work? Do the figures add up? What is the turnover likely to be? What’s the profit margin?

 9         Do it! Manage your cashflow

Manage your finances as if your business life depended on it – because it does. Cashflow problems are a serious threat to all businesses. Ask yourself: Do the books balance? Are invoices going out promptly? Have I factored in all the bills that have to be paid? Have I taken account of seasonal variations? Are we keeping track of the paperwork and thinking far enough ahead?

 10       Do it! Ditch the excuses
Many people talk about their dreams instead of taking action. Ideas lose their momentum while we procrastinate. Ask yourself what small first step will take you closer to reaching your goal – and Do it! today.