I have a rather large franchise. The first and most important I can tell you is to have some experience in the business your going into. Don’t buy a restaurant franchise, if you have never ran a restaurant before. Besides the need to run the business, a franchise will require you to run it their way. Depending on the franchise, you can expect to spend from $20 – 150K just in start-up cost. You may want to consider a road trip (far-away, so they don’t see you as competition) to ask a present owner what they think of the company. I would also be misleading about where you plan to open, so they don’t try to secure the area ahead of you. Some people will do that so you have to buy the territory from them. Go directly to the franchisee and ask about their requirements, guidelines and rules. Build the business on paper before you invest real money. Good Luck.