So, your FlagFranchise dashboard shows that you have received one or – even better – several applications. You see a list of names with compatibility ratings next to them. Great! Now what?
When you receive an application, the first step would be to read the attached compatibility report (see Understanding Your FlagFranchise Report).
The FlagFranchise report is not an end in itself but a tool to facilitate analysis and informed decision making. Based on the results, you can determine whether you wish to continue your usual selection process. Sure enough, if the compatibility report indicates the Budget selection criterion in red, you would know right away that the applicant does not have the financial capability to buy your franchise.
But the Budget is not in red, and you decide to proceed…
We suggest that you call the candidates that caught your eye to establish personal connections. Also, when a candidate calls you, try to return the call as soon as possible. Statistics show that smartphone searchers are five times more likely to call you than those searching on computers. Some experts even say that if you call back within five minutes you are nine times more likely to have a meaningful conversation.
During your face-to-face interview – if you decide to continue the selection process – any inconsistencies with the report may give you an insight and help you guide your questions. To prepare for the interview, our article Reduce Unconscious Bias in Recruitment could give you additional insights.
Your meeting with the candidate went well and you want to move on to the next step… Have you considered a psychometric test as part of your selection process? (Our Flag Premium membership package, in addition to the benefits of Flag Plus, entitles you to a customized report and up to five psychometric tests.)
You could also ask your prospective franchisee to meet your management team and even to work at a point-of-service to assess his performance in the field. Next step is due diligence. Keep in mind that some countries may have additional requirements. We suggest that you consult a lawyer who can advise you on how to adapt your selection process in accordance with the laws in effect in the target markets.
And the big step: signing the franchise agreement! Now the fun starts as your network grows stronger…
Should you have any questions along the way, please do not hesitate to call us.