For most businesses, payroll can be a complicated, risky, and time-consuming task. But the success of some major payroll services has revolutionized the payroll industry, proving that launching a payroll service can be a lucrative endeavor. However, when you consider implementing a payroll service, first you have to open a bank account specifically for your payroll service and then to invest in efficient, reputable payroll software. There are plenty of payroll software systems available, but do your homework to avoid buying one that is unreliable.
Gain clients by cold calling, sending custom e-mails, mailing proposal packets or by visiting the company. If you call or stop by, ask to speak with the person in charge of making the payroll decisions. When mailing or dropping off your proposal packet, ensure that it is professionally presented, and remember to attach your business card.
Contact your Internet Service Provider to provide you with Internet service, because most companies use Internet Payroll Service. However, some may use e-mail or fax, so besides computers, purchase a fax machine, and if you can a scanner.
Set up a system that invoices each client upon your completion of each payroll processing. Most payroll systems will have an invoicing feature. Determine your rates by researching your competitor's rates. Set your rates competitively by keeping the following fees in mind: check processing, direct deposit, manual check, voided check, and tax reporting and courier fees.
Find a central location. Your prospective clients will be more inclined to use your service if you are easily accessible. Stay within close range if possible to avoid making lengthy trips to your local clients should face-to-face meetings become necessary.
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