7 Payroll Business Success Stories [2024]

Pat Walls

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Updated: November 19th, 2023

Start A Payroll Business

The global HR payroll software market is expected to grow at 11.2% CAGR to reach $15.37 Billion. The growing workforce and the current trends in the job market led to increased demand for payroll systems.

To start a payroll system, identify a growing field and understand its practice. Then, start making connections with those you know need the payroll system. Establish the system, set new clients and service rates, and create a standard agreement for clients.

Here are some real life success stories of starting a payroll business:

1. Transformify: Workforce Management System ($60M/year)

Started in 2015 when remote work was still a novelty, Transformify grew exponentially, providing global payroll and payments to international contractors and achieving 650% revenue growth in 2021. The idea came after the founder witnessed highly qualified professionals losing their jobs due to automation and process optimization at Coca-Cola Enterprises.

How much they make: $60M/year
How much did it cost to start: $250K
Current team size: 35

I Bootstrapped A $60M/Year Global Payroll Solution

Transformify, a global payroll and payments platform for international contractors, achieved 650% revenue growth in 2021 and reached profitability in 2019, offering social impact programs for various vulnerable groups, vendor management systems for temporary workforce management, and an AI-driven applicant tracking system to help job seekers switch careers amid Covid-19 outbreak.

About

Lilia started Transformify: Workforce Management System almost 9 years ago

Revenue

Lilia grew the business to $5M/month

Costs

It cost Lilia $250000 to start the business

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Starting A Payroll Business: Everything You Need To Know

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So... can you actually make money with a payroll business?

Of course. There are millions to be made in this industry.

But how?

Research real, profitable businesses and see exactly how much money they make.
Study exactly what works, and what doesn’t.
Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

4. ADP

ADP offers industry-leading online payroll and HR solutions, plus tax, compliance, benefit administration and more.

Where they're located: Nashville, Tennessee, USA
Website traffic: 95.5M/month

5. paylocity

Paylocity is the HR & Payroll provider that frees you from the tasks of today, so together, we can spend more time focused on the promise of tomorrow.

Website traffic: 14.6M/month

So... can you actually make money with a payroll business?

Of course. There are millions to be made in this industry.

But how?

Research real, profitable businesses and see exactly how much money they make.
Study exactly what works, and what doesn’t.
Take action, because now you have the roadmap.

Join Starter Story and build your next big thing:

Start Now

7. CIB

Commercial International Bank. The biggest private sector bank in Egypt

Where they're located: New Valley Governorate, Egypt
Website traffic: 1.49M/month