Ecd Business Idea

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School of Business and Accountancy
(Diploma in Tourism and Resort Management)
October 2012 Semester

Enterprise Creation & Development
Individual Assignment

Name: Angela Chua Pei Ying
Class: TR01
Student number: S10116022F
Teacher: Ms Tham Kit Yee

Business Idea: Spa and Wellness Center for the Elderly

Business Idea: Spa and Wellness Center for the Elderly

1. How did the idea come about?
Spa and wellness has been an emerging business in Singapore due to changed mindsets and values of the people.

With rising affluence, people are more willing to spend time and money to improve their health and indulge in spas. Also, due to the increasingly competitive society we live in, people are dealing with much more stress than in the past and visiting wellness centers appears to be one of the top picks for Singaporeans to get away with stress. In addition, Spa and wellness centers are also an appealing alternative to medical centers to receive medical treatment as many spa centers now offer treatments for health improvement and tuning.

However in Singapore, there seems to be no existing spa and wellness center targeted at the elderly. Since spa and wellness centers are set up predominantly for people to de-stress, indulge and improve their health, this should be a feasible business to be targeted at the elderly in Singapore.

2. Why is it a business opportunity?
Singapore has witnessed a great surge in the number of elders in the recent years as a large portion of the baby boomers approach their prime ages.

The medical breakthrough and advancement of the past decades had benefitted people and enabled us to live healthier and longer. This is reflected in Singapore where the life expectancy at birth of Singaporeans has increased from the estimated lifespan of 78 years in 2000 to 82 years in 2011 (refer to appendix 1).

According to the Age pyramid of Resident population provided by Singstat (refer to appendix 2), people of age groups 55 - 59 and 60 - 64 in 2012 is double the amount compared to in 2000. This depicts the rapid aging of Singapore’s population. It is projected “that as almost a third the people in the city-state will be over 65 years old in a few decades”. (yini, 2012)

With the increase in elderly population in Singapore, this entails a huge target market for businesses targeted at the elderly. More products and services are now catered to the elderly market such as the elderly-friendly mobile phones, robots and technology etc. This is due to the fact that the elderly consumers have ample spending power with the accumulated savings from their working life. It is also observed that elderly spend a notably amount of their savings on healthcare, further enhancing the appeal of the elderly market to the spa and wellness sector.

In virtue of the mentioned points above, the spa and wellness business should not forgo the opportunity to break into the emerging elderly market in Singapore.

3. Protecting the business idea:
There is currently no existing spa and wellness center for the elderly in Singapore and this can be the first. However, there are already existing elderly wellness centers overseas therefore the idea cannot be patented. To protect the business, we can have a trademark for the company name and logo which would enable customers to identify us easily and distinguish us from our competitors. The trademark will be registered at the Intellectual Property Office of Singapore (IPOS) and would last 10 years that can be renewed indefinitely.

4. Nature of industry
Spa and wellness falls under the service industry where it offers healthcare services and related products to the customers.

The market size of the Spa and wellness industry in Retail Value is assessed in year 2011 is at a whooping value of 21.4 million (refer to appendix 3), portraying great potential in the industry. The market size has grown steadily over the years and industry experts have a positive...
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