9 Things You Should Research Before Starting our Own Company

Diving headfirst into the world of entrepreneurship is like stepping onto a roller coaster—exciting, exhilarating, and a little terrifying. The dream of starting your own company can be incredibly tempting, fueled by visions of success, independence, and the ability to call all the shots. But before you buckle up and scream with joy at every twist and turn, there are crucial things you need to research to avoid a stomach-churning plunge into chaos.

From understanding market trends to deciphering legal requirements, the groundwork you lay today can mean the difference between soaring high or crashing down hard tomorrow. So grab your notepad (and maybe a stress ball) as we unravel nine essential areas that every aspiring entrepreneur should explore before launching their business dreams into reality. It’s time to transform that brilliant idea into something tangible—and we’re here to help guide your journey!

Is Your Business Name a Laughing Stock in Another Language?

You’ve probably spent hours brainstorming the perfect name—something witty, something that practically shouts “This is the future!” But a quick internet search might save you from naming your artisan kombucha café something that translates to “Goat’s Bottom” in Swedish. Global markets are a thing now, and the last thing you want is your brand name becoming a meme abroad. So, do some multilingual reconnaissance before printing that logo on a thousand T-shirts.

Your Competitors (a.k.a. The Foes of Your Fabulousness)

I know, I know—everyone tells you to research your competitors. But I’m not talking about a quick skim of their homepage and a smug “We’re totally better than them!” affirmation. I mean a proper, deep dive into what makes them tick. What’s their customer service like? Have they got a TikTok presence that would make Gen Z weep with envy? Did they once host a promotional event that ended in a fireworks fiasco and a lifelong ban from the local village hall? Know it all. Knowledge is power, and also quite fun when you’re nosing about their social media history.

How the Heck Do You Take Credit Cards and Other Payment Types?

Surprised this is on the list? Let’s be honest, the days of “Cash Only, Sorry, Mate” are behind us—unless your business involves some very suspicious dealings indeed. You need to know how to take credit cards, manage digital wallets, and handle that customer who insists on paying with a cryptocurrency you’ve never heard of. Don’t wait until your first big sale day to figure out the card machine—do your research, pick a reliable payment processor, and learn how to deal with online fraudsters who think your budding empire is a lovely place for a digital smash-and-grab.

Health and Safety: Because Nothing Kills Vibes Like a Lawsuit

So you’ve got your lovely new office space or café counters in place. Looks gorgeous, doesn’t it? Before you invite customers or employees in with a big grin, do yourself a favour and look into the health and safety regulations. A little compliance goes a long way. After all, “Startup Darling Faces OSHA Nightmare” is not the headline you want on your opening day. If you’re going to sell hot coffee, know how hot is too hot. If your office has stairs, maybe invest in a handrail. You know, the boring-but-important stuff.

Taxes: Not Just a Horror Film with an April Release Date

Before you clutch your pearls and faint at the mention of HMRC, remember: taxes are basically the silent partners in every business. They don’t do any work, but they do pop round regularly for their cut. Research what you need to file, when you need to file it, and what counts as a deductible expense. (No, your personal Netflix subscription probably doesn’t count, even if you say you’re “studying industry trends.”)

The Subtle Art of Supply Chain Detective Work

Your fancy new sustainable tote bags won’t magically restock themselves. Identify your suppliers and do a bit of sleuthing—are they reliable, do they deliver on time, and do they treat their workers decently? Nothing ruins your brand image faster than a viral exposé revealing your supposedly ethical product has a questionable origin story. A little research saves you from public humiliation and having to type “We apologise for the oversight…” on social media while sobbing over your phone.

Your Future Employees (a.k.a. Those Who’ll Actually Do All the Work)

You’re going to need a team at some point—unless your business is a one-person show starring you and your spreadsheet addiction. Find out what kind of people you want on board, what their skill sets should be, and how to avoid hiring your mate’s cousin who has a “passion for naps.” It might also be wise to research fair salaries and benefits—no one wants their start-up talked about in hushed tones around the pub as “that place with the stingy boss.”

Marketing Madness: Where Are Your People Hanging Out?

Sure, posting on Instagram is great, but your ideal audience might be lurking on LinkedIn, haunting Pinterest boards, or having heated debates in a niche Reddit forum. Figure out where your potential customers hang out and go there. Don’t just rely on the standard “Everyone’s on Facebook” mantra. They might be, but if your product is for vegan rock climbers in their 50s, you might need to get a bit more… specific. Sometimes, you may even want to launch with confidence in person, such as searching venues for rent and inviting the community to experience it.

The “Just In Case” Plan: Because Murphy’s Law Is Real

What happens if your main product ingredient vanishes from the supply chain overnight? What if your website crashes on the day of your big launch? Plan B, Plan C, and even Plan D can’t hurt. Research common business disasters, study how others handled them (or botched them spectacularly), and sort out a contingency plan that won’t end in tears and desperate midnight phone calls.

Do your research and hit the ground running when starting your own company!