Generation Y, also known as millenials, are individuals born between the early 80s and the early 2000s. They are the children of the baby-boomers. The arrival of this cohort of entrepreneurs on the job market has affected the management of the franchise networks. In fact, these young entrepreneurs sometimes have behaviours and habits that are unsettling for older generations. This trend will only increase with the upcoming arrival of workers from Generation Z, people born since the early 2000s.
Perception and Reality
Rightly or wrongly, employees under 40 have often been depicted negatively by company leaders, human resources specialists, or even by their older co-workers. Yet, studies tend to show that people from Generation Y can have the same passion at work as those of older generations. In fact, the greatest difference relative to millenials has to do with their priorities. For them, work is not an end unto itself; it is only one element in the accomplishment and development of their life.
Their priority is to love their work, feel that they are appreciated and treated equitably, receive feedback and recognition, understand the global image, learn, grow and move forward in their professional lives while enjoying a quality personal life. In short, the new generations are not less competent or hard-working; they simply have a different attitude.
Attracting Generation Y
FlagFranchise was designed by people from Generation Y and X, for all the generations. Our designers also have the advantage of extensive franchise experience. They are well versed in the reality of the sector and they created the tool to deal with one of the biggest challenges of franchisors today: attracting and selecting the right franchisees.
Rather than fighting a losing battle against the inescapable reality of the new generations, why not invest your efforts into attracting and motivating these franchisees, and in making them effective. What's more, people from Generation Y will remain loyal to individuals they respect and appreciate, such as their franchisor or their fellow franchisees.
Step one: manage to attract young entrepreneurs to your franchise network. If your network is small, you will no doubt have trouble attracting a large number of high-quality candidates. If the your network’s reputation is well established, you still have to select committed franchisees who share the same values as your company and whose profiles are consistent with your chain's specific needs.
So how will young Generation Y entrepreneurs hear about your brand? It's no secret: millenials are very comfortable with new technologies! In fact, the web and social media are now their main source of information, and they use them to look for franchise business opportunities.
FlagFranchise is an online tool that posts each business opportunity on the web, through social media campaigns (Facebook, Twitter, LinkedIn, etc.) and by email to our many subscribers. The use of the Internet allows us to better target and reach the franchise entrepreneurs who correspond to the candidate profile you seek.
However, having your business opportunities seen by would-be franchisees is not enough. You still have to be successful enough in grabbing the attention of potential franchisees to make them want to apply. This is where the FlagFranchise approach stands out from the other solutions offered on the market. We designed our tool to showcase information that is specifically oriented to the requirements of the franchise entrepreneurs. In fact, our studies enabled us to identify seven factors of franchisee satisfaction regarding their franchise project:
- Budget for initial franchise fees, start-up costs, and working capital;
- Expectations of support to be provided by the franchisor;
- Management-related and other skills and experience;
- Similar values to those of the network, and strengths that correspond to requirements;
- Entrepreneur profile: the right amount of entrepreneurship for your brand;
- Desired lifestyle; and
- Desired location.
According to these seven elements, the algorithm developed by FlagFranchise automatically assesses the compatibility of each franchise candidate with a business opportunity. In a glance, potential franchisees can assess whether the brand corresponds to their expectations and requirements. The tool also allows franchisors to target and convince future franchisees to submit their application, regardless of how famous their brand is.
Choosing Motivated, Successful Franchisees
Not only does FlagFranchise enable you to attract more candidates who meet your brand's requirements, this tool also lets you determine and select those that demonstrate the best satisfaction and performance potential. In fact, for each application received, you have access to an analysis of the compatibility of the candidate with
- Does the cost of the franchise correspond with the budget of the potential franchisee?
- Are the conditions and business hours in line with the candidate's expectations?
- Is the territory acceptable for him or her?
- Does the potential candidate share your network's values?
- Will the candidate integrate well in the network?
- Will the candidate like the tasks that will be required of him or her?
- Will the potential franchisee be happy with the framework and franchisor support?
- Is the challenge stimulating enough for the candidate?
With all this information available to you right from the onset of the selection process, you are able to identify the potential sources of dissatisfaction of each franchise candidate. You can then limit your selection interviews to the candidates that are a good match and, consequently, have a higher probability of entering into a commitment with the network.