We live in a world full of rules and there comes a time when the higher-ups need to check that we are falling into line. This is when a compliance audit business would be enlisted to provide an impartial assessment. With stories of companies operating outside the lines becoming the new norm, the demand for compliance audits is on the rise. If you have a background in audit and assurance, now may be the time to consider starting a side hustle or going it alone. In this article, we run through five things to consider when starting a compliance audit business.
1. Find Your Niche
Before you start a business, you need to figure out the ‘who’ and ‘what’. Who is your target market and what are you offering. The ‘who’ is pretty straight forward – companies. However, when it comes to the ‘what’, you’ll need to narrow this down a bit more. You could specialise in anything from certifying International Organisation Stanardisation (ISO) compliance to Work Health & Safety (WHS) checks. Alternatively, you could ensure that companies are adhering to their responsibilities under the General Data Protection Regulation (GDPR). By finding a niche, potential clients can find you more easily. It also helps with establishing your reputation and building credibility.
2. Create a Business Plan
Now that you know your ‘who’ and ‘what’, its time to address the ‘how’. A business plan is a road map that tells you how to set your business plan up for success. It breaks down everything from your financial plan to your marketing strategy. It’s a real eye-opening process and may highlight holes in your plan that you didn’t even know existed. It gives you the advantage of addressing these issues before they materialise.
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Get started3. Establish Your Business
On the legal side of things, you’ll need to register for an Australian Business Number (ABN). An ABN is how the government and others in the community identifies your business. It’s a relatively straight forward process that can be completed online. Just be sure that you have all the specified requisites in order to avoid roadblocks.
You may also wish to register your business name. A solid business name is one that represents your business and is easy to remember. Before committing to any branding, use the business names register to confirm its availability.
Moreover, verify all your licensing and regulatory requirements. This will vary depending on what services you offer and where your registered officer is located.
4. Set-Up Shop
When it comes to operating a compliance audit business, you have great flexibility. You can decide to open an office or work from home. You could also choose to rent out a co-working space. It’s all personal preference, you just need to figure out what works for you.
If you find yourself on client site more often than not, renting out an office space may not be the best move. On the other hand, if everything is done electronically, you might consider an office space. If you are after a more social experience, a co-working space may be the way to go.
5. Generate Business
There are no rules when it comes to promoting your business. However, it is advantageous to think about it from the client’s POV. Think about how they would find an auditor and where they would look. If it’s through a Google search, create a website and invest in Google ads or SEO optimisation. Alternatively, if it is through LinkedIn, create a business profile and become an active user. The more you know about your clients, the greater chance you have of eliciting a response.
Conclusion
These are just a couple of tips to help you get started. If you have any questions or are looking for more tailored advice, reach out to a business advisor and/or lawyer.
