Payroll Vault
Payroll and workforce management services
- 2022 Franchise 500 Rank
-
#480 Ranked #460 last year
- Initial investment
-
$49K - $63K
- Units as of 2022
-
65 41.3% over 3 years
Here’s what you need to know if you’re interested in opening a Payroll Vault franchise.
Payroll Vault was founded in 2007 to help businesses deal with payroll processing and workforce management. Billions of dollars are paid in penalties for companies that don't comply with payroll laws, most of which do not understand the laws in the first place. Compliance standards change every year along with labor laws, and this is hard for many companies, especially small businesses, to continue to track.
The company began franchising in 2012 and now has over 60 franchised locations throughout the United States.
Payroll Vault aims to help small businesses avoid penalties by focusing on core business operations.
Why You May Want to Start a Payroll Vault Franchise
Payroll Vault is a leading, fast-growing, innovative brand whose core focus is helping businesses manage their payroll operations. It also allows franchisees to utilize their skills and see growth proportional to their hard work. The company offers inclusive services in their portfolio, such as human resources, labor poster programs, pays cards, pays as you go, worker's compensation, time and attendance services, and scheduling services. This automatic diversification of business operations may result in a better chance of customer conversion.
The brand is renowned nationally in the accounting industry, which may give potential franchisees a ripe positioning in the industry and an opportunity for licensing.
Payroll Vault allows its franchisees to operate as absentee owners, which may make the business a more desirable option for you. The company also allows franchisees to operate out of their own homes, which may make it so you can spend more time with your friends and family.
What Might Make a Payroll Vault Franchise a Good Choice?
Payroll Vault believes in franchisees taking care of their clients, so they leave the marketing and sales to the franchisee, which may give them flexibility in their own business. Branding and payroll processing are also done at the franchisee's offices for purposes of customization and personalization. This allows franchisees to have greater control over their business processes so they can maximize their output. Payroll Vault also offers comprehensive training to help you with your business operations.
To be part of the Payroll Vault team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. You also should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
Payroll Vault has partnered with third party financial lenders to help franchisees cover the costs of the franchise fee, startup costs, equipment, inventory, accounts receivable, and payroll.
How To Start a Payroll Vault Franchise
Before making any financial commitment or signing an agreement, you must perform your due diligence and establish if this is the right opportunity for you. Speak to existing franchisees and ask the Payroll Vault team questions. Additionally, make sure you take time to explore the company. Research the brand and your local area to see if a Payroll Vault franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
After an initial inquiry, a Payroll Vault franchise representative may reach out to you to begin the franchising process.
Company Overview
About Payroll Vault
- Industry
- Financial Services
- Related Categories
- Business Financial Services, Miscellaneous Business Services
- Founded
- 2007
- Leadership
- Sean Manning, CEO
Franchising Overview
- Franchising Since
- 2012 (10 years)
- # of employees at HQ
- 15
- Where seeking
-
This company is seeking new franchisees throughout the US.
- # of Units
- 65 (as of 2022)
Franchisor Information
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Payroll Vault franchise.
Financial Requirements & Ongoing Fees
Here’s what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
- $40,000
- Initial Investment
- $48,875 - $63,385
- Net Worth Requirement
- $250,000
- Cash Requirement
- $100,000
- Veteran Incentives
- 25% off franchise fee
- Royalty Fee
- 6%
- Ad Royalty Fee
- $300/mo.
- Term of Agreement
- 5 years
- Is franchise term renewable?
- Yes
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- Third Party Financing
- Payroll Vault has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- Classroom Training
- 24 hours
- Additional Training
- Ongoing training as needed
- Ongoing Support
-
Purchasing Co-opsNewsletterMeetings & ConventionsToll-Free LineGrand OpeningOnline SupportSecurity & Safety ProceduresField OperationsProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
-
Co-op AdvertisingAd TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- No
- Can this franchise be run from home/mobile unit?
- Yes
- Can this franchise be run part time?
- No
- # of employees required to run
- 1
- Are exclusive territories available?
- Yes
Franchise 500 Ranking History
Compare where Payroll Vault landed on this year’s Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where Payroll Vault ranked on other franchise lists? Find out below.
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