Wellness real estate is on the rise. Health is wealth as the saying goes, and this has become more apparent in our current climate. The global population are concerned with wellness offerings, from our homes to our workplace. The hospitality, real estate, and healthcare sectors are jumping on this trend.
The benefits of offering wellness in properties speak for itself
The problem is, not everyone knows where to start. Here are 3 key things you need to know before you can even get started on implementing wellness services into your hospitality business or real estate property.
1.An Agreed Concept- What and Why
The first thing is to understand what it is you want. It is not enough to simply say you want to implement wellness offerings into your business. Delve into the What and Why. This would for most people require research into what wellness offerings there are, and why said wellness services fit within the current property.
It is one thing to see what other people are doing and simply try to copy, and another to really understand what and why you want to implement changes to your existing hospitality business or real estate property. Having a clear vision is important. Where is it you are right now, and what you envision your business to look like after implementing those changes.
It is therefore important to know your current business like the back of your hand, and transferring the value, i.e. transplanting the most successful elements of your existing business into your new business model.
Fundamentally, these are the key things one must know about their business:
- Revenue
- Capital Expenditure
- Operational costs
2.Actual implementation- How
This would require, at the very least, a collaboration between the owner, a project manager, and an architect. At this stage, multiple feasibility studies of each potential concept would be done.
To execute the vision, the owner works with the project manager and architect to ensure the space zoning and allocation is optimized to support the new services, both wellness related, and ancillary services that facilitate the entire flow of the business.
Based on personal experience there are two types of business owners:
- Those who realize in the first place that they have no idea what wellness concepts to implement and whether it would work for their property, and
- Those who realize later in the process that their project manager or architect do not have the requisite knowledge about medical wellness to execute the vision effectively.
In both scenarios, it is almost necessary to hire a wellness consultancy to look over your model. The wellness consultant will:
- Listen to your vision, understand your current business model, deconstruct and hack it, and then together develop a tailored concept to suit your needs based on the multiple feasibility studies the wellness consultant will have done.
- This expertise extends to the actual wellness service offerings, which means they will also create a full wellness program, come up with treatments, complete with a full business outline of the entire process.
- Coordinate with the architect to combine expertise in terms of space allocation, the flow of the entire business, manpower needed, and the delivery. Many business owners that enlist a wellness consultant in the late stages will notice a misalignment with the architect in terms of conceptualizing the space usage. Therefore, it is important to ensure they work together in the early stages.
- Coordinate with the project manager and owner to oversee the process end to end and ensure the new business model is sustainable.
3.Getting Someone to Manage Your Business
It is highly recommended that you bring in an expert in wellness real estate management to manage your business for 3 years at least. This is the recommended minimum amount of time of training necessary to slowly ease into managing your transformed business.
Budget and Commitment
Depending on the project size, the wellness consultant’s role could either be minor or substantial. AJT Wellity Asia offers a full suite of service packages to suit your budgetary needs.
We offer business hacking packages, meant for those who are:
- New to the health & wellness business but passionate in entering this business with rough business model ideas
- Looking to revitalize or remodel your current business to earn more
- Looking for new initiatives to catch-up with current market trends
- Looking to expand business portfolio
If this sounds like you, and would like a test trial before fully committing, then you might want to consider one of our packages:
This special offer is available only to attendees of the FEASY “Wellness Real Estate Trends’’ Event. For more information on what we do and some of our most notable projects, click here.
Author:
Anthony Jude Tan
Founder and Managing Director of AJT Wellity Asia Co.,Ltd.
Anthony Jude Tan is Founder and Visionary at AJT Wellity Asia, a Medical Wellness Consultancy & Management for the Healthcare, Wellness and Hospitality Industries.
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