Buying a franchise is a huge step even if one has determined that being in business for oneself is the proper course of action. The potential franchisee will already have reviewed the pros and cons of franchise versus independent business opportunity.

The greatest strength of the franchise is in its ability to bring independent business owners together under a common business concept and trademark. The old saying goes that there is strength in numbers and it certainly holds true in franchising.

The greatest weakness of the franchise is the loss of control because most decisions about inventory, location, style and cost are already determined. The business owner relinquishes control for security.

Once the determination has been made to buy a franchise, the next step is to educate oneself about various franchise opportunities. Take the time to think about businesses that excite you. What are your entrepreneurial fantasies- It is not yet time to make a final decision, but to begin attending trade shows in fields that interest you may be helpful. You can talk to people who are working in the field and ask for advice or do's and don'ts. Think about whether you prefer indoors or outdoor work. Do you like to talk to people or would you rather be behind the scenes- All these decisions will impact your final choice of chosen franchise.

Next, as you draw closer to a final decision, you will need to take the time to read and understand the UFOC Uniform Franchise Offering Circular. This document is required by law to be provided to you within a specified time frame that is well before any funds change hands. The UFOC is made up of three sections, the first being business information, the second is a set of audited financial statements, and the third is a copy of all forms and documents which you must sign in order to become a franchisee. You should take the time to read and understand each part of this rather lengthy document.

Sometime during the course of your search, you should take the time to consult a professional, at least seek legal advice and tax or accounting advice. One cannot overemphasize the importance of good records from the beginning.

Two types of face-to-face interviews should be conducted, one with the franchisor and one or more with current franchisees. Know in advance the specific questions for which you need answers provided, and ask them until you get satisfactory answers.

The final stage in your quest to buy a franchise is to obtain adequate financing. You need to make sure you are aware of all the expected and unexpected costs before committing money. This information is best gained by discussing understanding the UFOC and by interviews conducted earlier.