At first blush, owning a franchise seems like a tempting prospect; a ticket to quick riches in little time. Indeed, a franchise can be a viable option if you are not interested in building a business from scratch. You won’t need to spend years establishing your brand or product because that’s already been done. The franchisor generally provides the system (product, brand, marketing plans, operations plans, etc.) and may also assist with site selection and training.

Conversely, if you chafe under the rules and regulations of the corporate world, owning a franchise may not be for you. Franchisors typically exercise control over the business, from the hours you operate to the drinks you serve, the appearance of your store, even the music you play. You are paying to use their name, after all, and they want to maintain the integrity of that name as they see fit.

And just because someone has done the branding for you doesn’t mean that you won’t have long hours and sacrifice. Owning a business is hard work, whether you start from scratch or buy into a franchise. There are also costs involved, including an initial franchise fee and possibly royalties and advertising. It’s vital that you do as much research as possible before buying into a franchise. Deciding that the franchise wasn’t right for you after all can be a very costly mistake that is difficult to undo.

Before buying into a franchise, you need to study as much documentation as you can get your hands on. At the very least, study the financials and make sure you are aware of—and understand—the obligations that bind you and the franchisor. The Uniform Franchise Offering Circular is a disclosure document that many franchises use to spell out specifics about the business and the franchisee-franchisor relationship.

Always ask for everything in writing—including any figures the franchise offers regarding returns on investment. Whenever numbers are concerned, make sure you are clear on what is estimated and what is promised.

States are responsible for regulating franchises, so be sure you are familiar with your state’s rules before signing any agreements. Unless you speak legalese, you may want to consider hiring an attorney for assistance.

The SBA website has an excellent consumer guide for evaluating if a franchise is right for you. Visit http://www.sba.gov/starting_business/startup/consumerguide.html for more information. The Wall Street Journal Center for Entrepreneurs (www.startupjournal.com) is also an excellent resource, with articles covering everything from success stories to arming yourself with the information you need to get started.

To find a franchise opportunity in your area, start with the web. Often the website of the company you are interested in will include contact information for potential franchisees. There are also numerous websites out there that list franchise opportunities. Simply type “franchise opportunity” or a similar phrase into your search engine, and watch as entry after entry pops up.

The SBA keeps a registry of franchises that qualify for expedited SBA loans. Gloria Jean’s, amongst other coffee franchises, is included on this list. Visit www.franchiseregistry.com for more information.

Two other options include checking the classifieds in your newspaper or enlisting the aid of a business broker.