Ecd Business Idea
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
(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
References: yini. (2012, June 11). A third of s’pore will be ‘grey’ in 2050: report. . Retrieved from http://sg.news.yahoo.com/a-third-of-s’pore-will-be-‘grey’-in-2050--report.html Estopace, E. (2012, February 17). Singapore to double healthcare expenditure in 5 years. Retrieved from http://www.enterpriseinnovation.net/content/singapore-double-healthcare-expenditure-5-years