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Show me the money
Did you hear the news? Major changes are coming to the HR space…
Until now, a job’s salary was usually only revealed to a few candidates after going through several stages. And once you’re in, the only way to know how much your colleagues are being paid is… by asking them.
I think that Microsoft is embracing this early to be competitive in the job market, as startups have been using their retribution policies to attract talent for years. Some examples:
#1. ConvertKit’s founder has paid $3.9M in profit sharing to his team in the last 5 years, and tweets about it publicly (a great way to attract talent).
#3. This agency took some creative measures to keep employees happy.
#4. This cybersecurity company spends all their revenue growth on improving salaries and benefits.
Why all this matters to you:
Talent is in high demand. Finding it is hard. And once companies find it, they don’t want to lose it because they can’t offer a raise or a clear career path.
Any solution that helps companies find and retain talent is going to make lots of money. Most small startups don’t have an HR department, so there’s a big opportunity for tools that take that burden off the founders’ shoulders.
Some numbers for you:
- $15.59B -> HR software market size
- $28.68B -> online recruitment market size
- $12M -> yearly revenue of this HR tool
No experience required
Think you need a lot of experience to build a successful startup?
Some of the most successful founders started out in completely different fields or had little experience running a business. Notorious examples include Steve Jobs -video game designer-, Mark Zuckerberg -college student- or the Airbnd co-founder -bodybuilder-.
More examples from our case studies database:
Experience is good, of course, but when you’re new to something you aren’t biased and face everything with a fresh look. You think outside the box by default, because you don’t know nothing about the box. That can be an advantage.
Learn how to build a successful business
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No, you wouldn't. You'd use the internet to find step-by-step guides and learn by copying from the best.
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There are no secrets to building a profitable business. Everything it takes can be learned from others.
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(1) This guy makes $60K/year writing about something that nobody talks about. What started as a side project during college is now a very lucrative business. Takeaway: Niche down to win.
Another example: this woman blogs about an extremely rare topic and generates $72K/year.
(2) This business makes $1.2M/year by providing a very specific service to trans people. An awesome story at all levels.
To celebrate Pride Month, here are some other successful businesses in the LGBT+ community that we’d like to highlight: This founder makes $120K/year helping startups with their marketing (only 1 employee); this website generates $156K/year by helping people start a family and these friends make $720K/year with their memes.
Thanks for reading!
Hey! 👋I'm Pat Walls, the founder of Starter Story.
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