My guest today is Loren Horsager, the CEO and co-founder of Mobile Composer. Loren has been working in software development for 25 years. Mobile Composer helps identify software development opportunities for companies to target niche areas of their market. All industries can benefit from a software application.

Loren shares how software can increase value to a business, especially when it comes time to sell. Mobile Composer helps clients sit down and actually plan their software development in a logical and constructive manner. He discusses his company’s process of finding the specific niche that will benefit the client. In today’s online world, establishing a source of recurring revenue is key to attracting good quality buyers. Mobile technology done right gives a business a leg up on their competition.

What do your company do for recurring revenue? If you answered “nothing”, you’re not the only one. However, our guest today says that developing a recurring or passive income source for your business can triple your value—so maybe it’s time to look into what avenues are available for you to expand into and allow you to tap into this revenue stream.

Lorne Horsager has been in software development for 25 years and knows his stuff. The examples he gives within the show of various industries and the way they provide SaaS or other recurring revenue services are well-rounded and can really spark your imagination of what is possible. Here are some key things to focus on when looking for a passive revenue source within your business.

As with anything regarding your business, you really need to know what you’re about before you can go dumping money into a new product or service. If your company doesn’t typically use software, it can be even more daunting to develop some SaaS to help retain clients or improve your services. However, the end investment is worth it both financially and personally as it tends to save you a ton of time on the back-end (think automatic scheduling, billing or other similar rote service you do daily). Your client and your staff will thank you for streamlining some of the more tedious tasks.

If you are a subscription-based service or already have recurring revenue, no one needs to tell you just how valuable it is to have that predictable revenue ticking over each month without you having to actively seek out new business. Everyone’s dream, right? But there are always avenues you haven’t thought to explore or packages you have yet to create.

So it comes back to knowing your business. Know who you’re selling to and the present market conditions. Take stock of your employees and your operational efficiency. What elements of your business could be improved through software in some way? If you can’t come up with anything, ask your staff! They run the front lines and deal with all those daily headaches that you no longer wish to (good work on that, by the way). If your f