Determined to be your own boss but not interested in is setting up a business completely off your own bat? You might think franchising is the obvious option - a ready made brand and business model, as well as support from a franchisor - what could be easier? Slow down; the franchise you're thinking of might be a well-known brand and its other stores might be a roaring successes but don't rush in - the normal rules still apply. Planning a business model, seeking advice from experienced experts and asking what it is you want to achieve are all tasks that successful franchisers have dutifully undertaken before making a commitment.

If you're at the stage where you're seriously considering buying a franchise, you're probably wondering, 'how do I start?' and 'what do I really need to know?' The respective short answers to these questions are: by doing plenty of research and; a fair bit. But don't despair, its all for your benefit. The more research you do and the more questions you ask, the greater the understanding you will have of what lies ahead and what you need to do in order to succeed.

What follows will not give you all the answers, but it will point you in the right direction.

• Researching franchises
• Different types of franchises - consider all your options
• Know what you want? - It's time to look a little deeper
• Before jumping in, talk to the experts
• What should I expect from a franchisor?
• What does it take to make a franchise work?

Researching franchises

A good place to start is the Franchise Council of Australia's franchise business directory which lists more than 1,250 franchises. Another excellent resource is Griffith University's biannual snapshot of the Australian franchising sector called the Franchising Australia Survey.

Additionally, check out franchising websites such as topfranchise.com.au, franchise.net.au, insidefranchising.com.au and franchise.org.au  (the Franchise Council of Australia). These sources offer a bounty of information about the industry and will show you the many varieties and different sizes of franchising options available to you.

Different types of franchises - consider all your options

The franchise market is extremely diverse with options available in retail, accommodation, food services, office services and gardening services, just to name a few. When considering all the different options you need to ask yourself exactly what you want to get out of the franchise - financial success or perhaps a more relaxed work life. Be sure to think deeply about this. While financial reward can be tempting, some of the franchises with greater earning potential might require greater up-front costs and longer working hours.

Know what you want? It's time to look a little deeper

Once you've got a good idea of the type of franchise you would like to run, its time to look a little deeper. Questions such as start-up costs, the average amount of weekly hours that will be required to run the business and the financial returns you should expect from the franchise -  both in the short-term and after it is up and running - are key research topics.

Before jumping in, talk to the experts

When you are approaching the pointy end of your research, it is strongly advised that you seek expert advice. A business analyst will help you gain a greater understanding of the start-up costs involved and the type of financial structures you will need to put in place. Seeking out a solicitor and accountant with experience in dealing with franchises will make the task of filing the necessary legal and business registration requirements much easier.

What should I expect from a franchisor?

Franchisors will vary from sector to sector but whatever franchise you are looking at, you should look thoroughly into how the franchisor will help you get your business up and running. What sort of training do they offer? What sort of marketing do they carry out to promote the business? How will they respond if your franchise goes through a lean period? Other more complex questions (e.g., issues to do with the franchisor's intellectual property, such as logos) may require you to seek professional advice. Also, be aware that the franchisor is not there to run your business, so make sure you fully understand what support structures are in place if you need help. Remember, having a healthy relationship with your franchisor is a key ingredient to establishing a successful franchise as ultimately you are both working towards the same goal.

What does it take to make a franchise work?

The short answer to this question is time, dedication and organisation. One you have taken the big step and signed on the bottom line you need to make sure that you put in time and effort to get the franchise up and running. Research has shown that successful franchise owners work between 46 and 60 hours a week, so be prepared to work.

Be enthusiastic about the franchise. If you purchased the business from a pervious owner who had let it slip, staff morale may be low so it is a good idea to take steps to turn this around. The effects of displaying a positive attitude cannot be underestimated. For more information on recruiting the right staff see Dun and Bradstreet's 10 tips for recruitment success.

Finally, be organised. Make sure you are on top of your financial records and book keeping practices. Know whether you need help in hiring staff and seek outside help if necessary.

Franchising is proven successful way of operating a profitable business, but while the system removes a lot of stressful elements that independent small businesses face, this does not mean that a successful franchise can be built without a lot of time and hard work. Those who think it can invariably fail. If you are determined to own and operate a franchise make sure the first step you take is to carry out some thorough research as this will help you make informed choices that will be pivotal to you achieving your goals.