The secret shopper business plan describes a unique business model that has become increasingly popular over the past 4-5 years. In an effort to learn more about what really goes on inside their stores, major retailers – from Whole Foods to Home Depot – have commissioned private research firms to send people into the stores with tasks. These “secret shoppers†look for certain items, interact with staff, ask product questions, and ultimately make a purchase, then submit a report back to the research provider (not usually the company directly) who filters the information back to the company. Does this business model sound familiar? If you need a plan for it, you should make sure you prepare a document that answers:
• Who are the target customers you will go after?
• What sort of companies will you contract with?
• What is a sample list of research questions for a shopper?
• Do you pay everyone as a 1099 contractor?
• What is the funding request you are making?
The business plan needs to show that you have an idea of how much revenue you can generate from this business, which means researching existing companies in this space and using their financial metrics to inform your own business plan's financial model. The document will require a use of funds section and a five-year projection of revenues and expenses. You should also not stop there with the competitors; a section that analyzes their strengths, weaknesses, market shares, etc. is imperative. Prove that you know where your company can fit in, and that you have a sound plan for marketing and staffing it. Have questions about this document or want to source the drafting/modeling to experts? Call the team at MasterPlans today by dialing 1-877-453-2011.
