Payroll Business

Payroll Business Success Stories [2024]

Pat Walls

•

Updated: October 7th, 2024

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.

In this list, you'll find real-world payroll business success stories and very profitable examples of starting a payroll business that makes money.

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 money it makes: $60M/year
How much did it cost to start: $250K
How many people on the team: 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.

Read this case study

Read by 7,850 founders