It’s a no-brainer that building a market leader worth $ 20 billion is a one-day success. The founder of Paycom Chad Richison went through a lot while establishing the brand. Chad Richison needed money for food and didn’t want to work, so he decided to sell his Denver home, and applied for a Small Business Administration loan, and cash. This supplied him with the finances he needed to continue establishing Paycom. He began by utilizing forms from other payroll providers as templates and creating every page and button on the internet interface himself. Chad Richison was able to develop the workflow of the early version of Paycom’s software using simple technologies such as Lotus Notes, Microsoft Word, and Paint. The issue after finishing the first edition was to find clients who were ready to employ his product.
Glimpse of the company
Chad Richison’s Paycom Chad didn’t want to lose out on a $20 billion market for labor-management software in the United States. Chad returned to Oklahoma and began working on Paycom, motivated by the market size and the notion of having a first movers advantage. Companies that used this software frequently complained about how much time it lost owing to the manual inputs required by the HR department. Chad Richison later relocated to Denver and began working for a regional payroll service provider. He saw that even his new clients were experiencing issues identical to those that ADP users had complained about. Chad, who was quick to notice patterns, saw that there were only a few firms focusing on tackling this issue. That’s when the Paycom concept came to him. “A first-mover attitude leads and is the cornerstone of success,” explains Richison.