Business Idea: Start A Payroll Business in 2024

Pat Walls

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Updated: October 2nd, 2024

Monthly Revenue

$5M

Market Size

$66.9B

Market Size

$66.9B

Market Size

$66.9B

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.

Startup Costs

How much does it cost to start a payroll business?

It can cost as low as $5,000 to start a payroll business.
It can cost as high as $250,000 to start a payroll business.

Learn more about the costs of a payroll business.

Examples Of Successful Payroll Businesses

Successful payroll business businesses and case studies

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.

$5M Monthly Revenue

$250K Startup Costs

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