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Post By: Adam Turteltaub
As the compliance profession matures an increasing number of professionals in the industry are thinking about going out on their own and setting up a consulting firm. In this podcast we learn from three people who did just that and are willing to share their wisdom and experience:
- Kristy Grant-Hart, Spark Compliance Consulting
- Kirsten Liston, Rethink Compliance
- Joe Murphy (LinkedIn), Compliance Strategists and one of the founders of Integrity Interactive
Recently they wrote the book The Compliance Entrepreneur’s Handbook, and in this podcast they share insight into what they call the four corners approach to determining what the sweet spot is for your business. It’s difficult to be all things to all people, especially when first starting out. By looking at the four corners, they believe, you can narrow your focus to where you bring the most value to the market.
The corners are:
Function
Rather than focusing on all elements of a compliance program, you can narrow your focus to those areas you have the most expertise in. That helps you become known for bringing in certain pieces of the puzzle.
Risk Area
Privacy, anti-corruption, antitrust, and Stark Law are just a few of the areas that can be ripe for building a business around.
Geographic Region
Do you want to serve a city, state, region or work globally? Think about where the market is and isn’t saturated. Ask yourself how much you want to travel. An international client base can be very enticing, but it means many days away from home, calls at strange hours of the day and night, and much jetlag.
Industry
Choosing industries to focus on can be a tug of war. You want to leverage your expertise in a given industry or two, but you don’t want to set your sights so narrow that there are too few opportunities available.
In sum, it’s a complex calculus when it comes to going out on your own, but it doesn’t have to be overwhelming. It also takes great persistence and a strong network to get your business off the ground.
And one final piece of advice you will hear in this podcast: don’t forget it’s a business, with all the issues that brings.
Listen in to learn more and help you decide how to start your own compliance business, or whether you are better off staying right where you are.