BrokerageMarketing

Find a problem to create a thriving business model

Agents can take cue from Honor, a home care service for aging adults, for how to build a successful business

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Takeaways:

  • Talking to as many people as possible from multiple different perspectives is key in finding the most valuable problem that needs to be solved.
  • Honor sought out to determine how aging adults can stay in their homes longer, which for them meant providing on-demand, low-cost home care.
  • Instead of promoting a business as a technology platform, especially when dealing with individuals who hesitate to use technology, Jen suggests branding it as a service.

SAN FRANCISCO — Sandy Jen and the rest of the leadership at Honor sought to create a solution for the problem of dealing with aging parents. It’s a touchy and emotional issue for both parents and their adult children, and at Inman Connect San Francisco, Jen said it needed to be met with great care and authenticity.

Whether you’re starting a new business as an agent or seeking to create a service to improve the process for real estate professionals, the journey of Honor might shed some light.

Jen broke down the process of finding, solving and promoting a new business.

Get down to the nitty-gritty: The Honor team spoke with caretakers and adults with older parents to pinpoint exact issues, like having a trustworthy person in your home. Talking to as many people as possible from multiple different perspectives is key in finding the most valuable problem that needs to be solved.

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Find the “how” in a problem: It’s not necessarily important to understand why a problem needs to be solved but rather how. Honor sought out to determine how aging adults can stay in their homes longer, which for them meant providing on-demand, low-cost home care.

Always treat your business as a service: Instead of promoting a business as a technology platform, especially when dealing with individuals who hesitate to use technology, Jen suggests branding it as a service.

Email Kimberly Manning.