The physical and emotional well-being, the intellectual and even the spiritual, are summarized in the Anglicism wellness, and on this concept there is a whole growing industry, because taking care of yourself is very profitable for both people and companies. There are obvious businesses in this field such as hotels with spa or yoga studios. The health food stores and the nutritionist who guides his client in the choice of food are also represented. Or ordinary activities like getting your nails done at a salon or getting a massage. The Global Wellness Institute (GWI), an American non-profit organization in charge of promoting this industry, estimates the weight of the wellness in the economy of Spain. The sector grew by 6.6% between 2017 and 2019 on a global scale. Motivated by the pandemic, due to the greater importance that the population attaches to physical and mental health, it is expected to reach annual growth rates of almost 10% in the coming years. A sector now boiling with a long history.
Antonio Guerra, director of Strategic Alliances & Business Development at Globaltic, points out that this industry encompasses fields as diverse as medical, aesthetic, pharmaceutical and wellness. “And it will continue to grow at levels similar to the current ones”, highlights this expert who will participate in the webinar Health and well-being: find out the keys to success in this sector and the most outstanding financing solutionsorganized through Banco Sabadell’s HUB Empresa.
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Health and well-being: find out the keys to success in this sector and the most outstanding financing solutions, with Juan Pedro Martorell, director of Leasing and Renting of Capital Goods at Banco Sabadell; Inmaculada Núñez, director of the Banco Sabadell Franchise Department; Montserrat Giménez Amigo, head of the Banco Sabadell Capital Goods Leasing and Renting Unit; Antonio Guerra Cortada, director of Strategic Alliances & Business Development (Strategic Partnerships & Business Development) of Globaltic; Eduardo Abadia, executive director of the Spanish Association of Franchisors and Belen Mahiques, director of expansion Provalliance Spain. Organized through HUB Empresa of Banco Sabadell. When: March 14, at 4:00 p.m.
Its birth is set in the fifties or sixties of the last century and according to Eduardo Irastorza, professor of Global Economic Environment at OBS Business School, three phases can be established through which the world has gone through wellness regarding the organization of companies and customer treatment. In the first stage, there were independent businesses that offered steam baths, a sauna, a solarium or a space in which to do gymnastics, all limited services. Later, hotel chains and companies that franchised their brand proposal joined. And, thirdly, in developed countries, there has been a concentration of companies that use the big data to anticipate the needs of customers, to know them and offer comprehensive experiences. Take this example: a resort in which the workers of the same company can do activities, receive a body treatment and enjoy a healthy menu in their spare time from the convention they attend.
This in regards to a macro vision of the sector. Of course, there is room for small initiatives, for new ideas focused on specific services and for converting some businesses a priori outside this sector into susceptible to incorporating the label. wellness. Luis Cerdá, professor of Strategic Marketing at the Faculty of Business and Communication of the International University of La Rioja (UNIR), assures that there is room for independent operators. This expert agrees with Irastorza that the sector is going to concentrate in order to obtain greater profitability, but he affirms that it is still “relatively fragmented”. Cerdá points to the emergence of startups and new small businesses focused on well-being and health subsectors such as body treatment, aesthetics or tourism in the form of hotels boutique.
One of the organizational forms that favor rapid and less risky growth is the franchise model. For Irastorza it is propitious, but he warns that it requires a lot of training from employees. “It’s not the same as opening a fast food chain. In this industry it is more complex. The changes in the wellness they are dizzying. Everything has become very professionalized ”, he says. “Offering Pilates classes may not be enough, the next thing will be to offer the service of a spiritual guru who connects from India”, he gives as an example of the paths that the well-being sector can travel in search of greater differentiation. “The centers of wellness they will have to be like Amazon and YouTube, which do not make mistakes in the recommendations”, affirms the OBS Business School professor, who points out the increasing portion of income dedicated to feeling good.
For this reason, Inmaculada Núñez, director of Banco Sabadell’s franchise department, who will also participate in the webinar, affirms that the advice of an expert such as the bank manager is useful for entrepreneurs who want to set up their business under the umbrella of a franchise, since it focuses on listening to the needs and concerns. And once the opportunities are detected, they help them make the best financial solution.
Núñez points out that the most common financing formulas in this sector are he leasinga type of rent with the right to buy at the end of the contract, or the renting to five or seven years. It is essential, indicates this expert, that the entrepreneur contributes a reasonable percentage with his own resources to demonstrate his involvement in the business.
Wellness tourism, pharmacies and dentistry
Cerdá points out a sector where the wellness develops without limits and in which Spain is a power: tourism. Wellness tourism is what this expert calls it. The UNIR professor assures that this industry has been growing for three decades and points to the pandemic —for having placed physical and mental health at the center of the population’s concerns regardless of age and social status— as the most recent trigger: “That’s when it starts to pick up speed and wellness tourism takes on a bigger dimension.” This subsector occupies 10% of all the business of the wellness in the world, according to the GWI. Personal care and beauty together with nutrition and healthy eating add up to 42%. The wellness industry in Spain ranks sixth in Europe in terms of turnover.
The UNIR teacher points out the pharmacy as a thriving business within the wellness. “They have more and more space for offering these products and services,” says Cerdá. Another growing healthcare industry is dentistry. Guerra highlights the personalized treatments of removable appliances that are used to correct the position of the teeth. this is also wellnessJust like getting whitening.
What else can it encompass? wellness
Irastorza has a very broad conception of the welfare sector. He talks regarding attending to the desires, but also the needs that give the person peace of mind and happiness. This expert points to personal relationships as a way to improve mental health. “The big business of the future is fighting unwanted loneliness,” he says. “The supermarket that sets up a takeaway space where the customer can talk with the worker who serves them can be considered wellness”. A Dutch food chain has set up a line of checkouts called slow so that cashiers can take the time to talk to older customers if they wish. “To the extent that a service is personalized and the customer is made to feel important, you can put the last name of wellness. It’s a transversal concept”, he explains.
The OBS Business School professor points out other fields such as culture or sports. He gives as an extreme example the boxes of the State Farm stadium in Arizona from which some spectators witnessed the Super Bowl submerged in a jacuzzi. He also believes that a cinema can provide emotional and intellectual well-being to a viewer as long as it is a place “where you also see a movie.” Or the Santiago Bernabéu, “a place where Real Madrid is also going to play a game”, with this accentuated as well, which implies that there will be complementary activities that result in a physical, spiritual and emotional improvement of a group of clients who are loved entertain, colleagues from the same department awarded for their performance at work or simply a bunch of friends.
In any case, before launching an initiative of a commercial nature, it will be useful to have the advice of the bank manager, who will resolve the doubts of the managers of a company and the self-employed and will advise them on what is most convenient for their business.
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