Learn the experience of the "Big Two" in payroll outsourcing. Also find the market prospects for your own payroll business.
8.4 Million Payroll Business Outlook
8.4 Million Payroll Business Outlook

Looking at the 50-year history of US government continually complicating payroll tax laws, there seems to be no end in sight of business owners that is giving their payroll to someone else. This situation tells us that an increasing number of 8.4 million businesses that are not currently outsourcing their payroll will outsource it in this year, next year and into the foreseeable future. Starting with the Great American Payroll Opportunity is like being on a fast moving business train headed toward ultimate continuing success.

The Big Two and their clones realize this, as well. Have you noticed that they are making their marketing efforts to get their share, in the same time trying to dominate everyone else into getting their share? Take a wild guess at how much of the Big Two’s marketing efforts are directed at the accounting professional – 75 percent. What does that tell you?

There is a way to beat the Big Two at their own game. As stated earlier, we have found that there are approximately 8.4 million small businesses that do not outsource their payroll services. They represent the most obvious targets, but also 1.6 million businesses that already outsource payroll. Let’s look closer at the 1.1 million businesses that are using one of the Big Two?

These businesses are already convinced that having someone else do their payroll is a great idea, so they’re already pre-sold. All an accounting firm has to do is emphasize what their brand of payroll service offers that others in their market cannot, and the sale is within reach.

Developing your individual brand awareness is an important step to take to harvest the payroll market. Integrating this basic condition into your unique company story is a key. As you create your marketing plan, keep in mind that the payroll potential is divided into two distinct markets:

• The first market segment contains 8.4 million businesses—most will surrender to the payroll complexities and hire someone to handle it for them.

• The second market segment consists of an equally fertile market of 1.6 million businesses that are receiving a minimal value check and report-processing service.

These businesses are extremely susceptible to a value-added service that is already part of your accounting firm’s culture and way of doing business.