Business format franchising is as close as you are going to come in today's market place to a guarantee of success. The franchiser has already gone through the painstaking process of developing an effective business model, and as a franchisee you get instant access to all their secrets of success. This is fundamentally why you buy a franchise, to minimize risk and give yourself the best possible chance to succeed.

Another reason why it is prudent to buy a franchise is that a franchise investment can be thoroughly researched before any significant expenditures are made. With a new business startup (non-franchise) you are always operating in the dark. No matter how much research you do it is very difficult to get a handle on so many aspects of the new business. With a franchise, the franchiser provides a wealth of information about the business--from how to prepare a pro forma to the best personality traits for hiring employees.

But the most important information comes from the existing franchisees. With a good systematic approach you can get answers to nearly all the really key questions. Such as, Do you feel that you were properly trained, how long did it take before you reached break even, what is your annual return on investment, how do you feel about the day to day duties of the business, and if you had it to do over, would you do it again? You can in a very real sense try the business on before you buy to make sure it is a good fit for you.