Starting a business: the simple rules.

Just a few odds and ends but for some reason they tend to get over looked or over complicated.

1. If you are going self employed you have to tell the Inland Revenue.
2. If your turnover is £67,000 or over then you will have to register for VAT.
3. To see if it's all worth it you can try out the basic equation.

Number of potential customers x Profit per customer = potential road to riches.

So I have 200 customers buying my kitchen gadget spending £5 each per month.

200 x 5 x 12 = 12000 (minimum wage job at 37.5 hours a week will bring in £10314).

No business plans, no rural grants, no long amounts of paperwork. All you need is a good idea, find some clients and a calculator.