Chad Richison

Chad Richison
CEO
Paycom 

Paycom is the fastest growing web-based payroll system in the country and has earned a five-star rating from CPA Software News. Chad Richison, the entrepreneur who started the successful company in 1998, has made Oklahoma City the company's corporate headquarters. Paycom also has offices in Tulsa, Dallas, New Orleans and Denver.

Paycom's staff has more than 25 years of payroll and payroll tax experience. Richison believes that personal service, accurate payrolls and easy to use Internet software have made Paycom a big success.

Please describe your company's mission and goals.

We are a payroll service provider. Although all of our customers use us for their payroll, tax depositing and filings, we provide many other services including Human Resource Integrated System (HRIS), Time & Attendence, COBRA Administration, Employee Self Service and more.

Where did the idea for your company originate?

I worked for two payroll service providers before starting Paycom in 1998.

What made you decide to start your own company?

For most businesses using a payroll service provider is very popular, almost to the extent that it is becoming a commodity. There are only a few full-service payroll providers in the US and the big three have over 80% of the outsourced market.

How did you initially finance your company?

Savings, an SBA Loan, and eleven credit cards.

What are some of the challenges that keep you awake at night?

These are good times for Paycom and I really do not have trouble sleeping. But in my opinion, we could always grow faster and bring our products to more markets. There are several challenges to opening new markets

What is your greatest accomplishment?

Convincing my wife to marry me and having four children was my greatest accomplishment.

What is your "If I'd known then what I know now"?

I would have studied more during college and taken a few investment classes.

How has your position with the company changed?

I have been the sales rep, the sales manager and the production tech. I have worked the stuffing machines, serviced customer's, and written pseudo code for the software application. Now as the president, I have others who perform those duties and I work strategically with the executive team.

What do you find personally rewarding about being an entrepreneur and growing your own company?

Watching our staff members develop into great leaders.

What makes the Greater OKC area a good place to start and grow a business?

There are several factors, including easy commutes, quality of life, value of the dollar, great schools, entertainment, etc. But I think that Oklahoma's best resource is the same thing that makes it a great place to start and grow a business. It's the people. Hard working and honest. Which is very important to any business regardless of the industry.

What advice would you give to an aspiring entrepreneur?

You need three things: money, industry experience and determination.

For the money piece, most new businesses go to SBA lending. Go to SBA.gov and find a preferred lender. You will need some savings of your own and a good credit score.

As far as industry experience goes, knowing your prospect and your market potential is key. Mis-judgements in this area will require more lending. I would suggest working in the industry before jumping out on your own.

Stay determined. Don't focus on the future too much in the beginning.