Are you about writing a mystery shopping business plan? If YES, here is a sample SWOT analysis for a mystery shopping company to help you form a competitive strategy.
Mystery Shopping Business Plan – Economic Analysis
If you are looking for a business that requires less stress and perhaps minimal start-up capital to start, you can consider starting a mystery shopping business. The cost of running a mystery shopping company when compared to the turnover you get can be poles apart (this is applicable when you have been able to establish your feet in the industry).
People that venture into the mystery shopping business can as a matter of fact start the business from their home and still make headway in the business. One thing is certain when it comes to mystery shopping cum consulting related businesses, you are sure of making profits when you successfully produce reliable data and results that are measurable for an organization.
As a matter of fact, the cost of running the mystery shopping business process from start to finish could be restricted to the cost of making phone calls, transportation and internet subscriptions and in some cases materials such as digital cameras and mics et al. With that, it is easier to place a projection on the profits you are likely going to make if you are able to successfully seal a mystery shopping deal from an organization.
You will be expected to hire experts that will help you with comprehensive economic analysis and the profitability of the businesses within the location that you intend launching the business. If you get your economic and cost analysis right before launching the business, you may not have to stay the long before you break even.
A Sample Mystery Shopping Business Plan SWOT Analysis
Nelson Pearson® Mystery Shoppers, Inc. engaged the services of professionals in the area of business consulting and structuring to assist the firm in building a reputable and result oriented mystery shopping cum marketing research firm that can favorably compete in the industry.
Part of what the consultant did was to work with the management of the firm in conducting a SWOT analysis for Nelson Pearson® Mystery Shoppers, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Nelson Pearson® Mystery Shoppers, Inc.;
- Strength:
Our core strength lies in the power of our team; our workforce. We have a team that are considered experts in the industry, a team with excellent qualifications and experience in mystery shopping. Aside from the synergy that exists in our carefully selected workforce, we have some of the finest marketing researchers and mystery shoppers under our payroll.
So also, Nelson Pearson® Mystery Shoppers, Inc. is well positioned in a business district with the right demography and we know we will attract loads of clients from the first day we open our doors for business.
- Weakness:
As a new mystery shopping cum marketing research firm, it might take some time for our organization to break into the market and work for some high paying clients; that is perhaps our major weakness.
- Opportunities:
Digital technology has provided new opportunities for mystery shopping cum marketing research firms to assist multiple businesses per time. No doubt, the opportunities available to mystery shopping firms are indeed massive and we are ready to take advantage of any opportunity that comes our way.
- Threat:
Some of the threats that we are likely going to face as a mystery shopping firm operating in the united states are unfavorable government policies, the arrival of a competitor within our location of operation and global economic downturn which usually affects spending/purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.