What questions should I ask when buying a franchise?

With the rapid growth of franchising in the past decade, it's no longer necessary to have years of business experience or a hefty bankroll to start a new venture. Franchises offer established concepts that require less investment and training than starting your own business from scratch. However, there are also some disadvantages to buying into a franchise—namely that you'll be at the mercy of another company's rules in terms of branding and operations—so knowing what questions to ask before purchasing is key.

• What are the specific requirements for the area?
• The market and competition will be different in every area, so you need to know what they are before you make a decision. Ask your franchisor about how hard it is to get a location, what demographics make up the area and how much income you can expect from this location.
• What's the selection process?
• Once you've identified the franchise you'd like to own and decided that it's right for you, it's time to go through the application process. What does this entail? And how long does it take?
• How long does it take to become a franchisee?
• What's involved in the application process?
• Who are your interviewers and what questions will they ask you during interviews (and why)?
• Who will be my employee(s)?
• How will you train me?
• What are the costs involved in training?
• What is the turnover rate for employees?
• If you're not sure how to answer these questions, ask your franchisor for some references and call them up.