Tracking Tool

2 Tracking Tool Success Stories [2024]

Pat Walls

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Updated: October 8th, 2024

Looking to streamline productivity and hit those deadlines with precision? Consider developing a tracking tool.

A tracking tool is software designed to monitor progress on tasks, projects, or time management. It enables teams and individuals to keep track of their activities, making sure nothing slips through the cracks. From project managers to freelancers, a tracking tool can serve as the backbone of any organized workflow.

The appeal of this business lies in its broad utility. Businesses across various industries seek efficient ways to stay on top of their objectives. Creating a reliable, user-friendly tracking tool can make you indispensable to these organizations.

Building this software requires a solid understanding of software development and user experience. However, the demand for effective tracking solutions ensures a continuous customer base. If you have the technical skills and a vision for streamlined productivity, a tracking tool business can be a gratifying endeavor.

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

1. Time Doctor ($22M/year)

Liam Martin and his co-founder Rob Rawson conceived the idea for Time Doctor from a blend of personal frustrations and serendipitous encounters. Liam, who was struggling with managing remote tutors for his previous business, constantly faced disputes over billed hours and actual work done. His personal stress even led to serious health issues. Around this time, at South by Southwest, Liam met Rob, who had an early version of Time Doctor, developed for his internal team.

Intrigued by the potential of this tool to solve his own business issues, Liam saw a broader application for remote work management. Encouraged by their mutual experiences and a timely burst of entrepreneurial itch, they decided to refine the product together. They validated their concept by launching a beta version and eventually moved to a paid model, which revealed true user commitment and provided critical feedback. Throughout the ideation phase, they faced the challenge of balancing product development with market readiness and learned early the importance of charging for their tool to drive real user engagement and valuable insights.

How much money it makes: $22M/year
How many people on the team: 82

How Rob Rawson Bootstrapped Time Doctor to $22M ARR in 14 Years

Discover how two founders transformed personal frustrations into Time Doctor, a bootstrapped SaaS juggernaut generating an impressive $22 million annually by leveraging strategic SEO, paid ads, and a focused remote work model.

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2. Hubstaff ($6M/year)

Jared Brown, co-founder of Hubstaff, came up with the idea for the time tracking tool while addressing the issue of non-developer owners and managers not knowing how long development tasks should take. Realizing that there were very few software tools providing proof of work for freelancers, he saw a strong need for his product and started building a solution. Now, Hubstaff has grown to 10,000 paying customers and $6 million in annual recurring revenue.

How much money it makes: $6M/year
How many people on the team: 54

How We Grew Our Time Tracking App To 10,000 Paying Customers

Hubstaff grew its time tracking app to 10,000 paying customers and $6 million in annual recurring revenue by solving a real problem in the market without any big incumbents, using SEO tactics and a differentiated product with proof of work features that answered the need for owners and managers to know how long development tasks should take, manage back-office tasks, and track remote team or freelancers' work.

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Read by 7,185 founders