Opening a new business is a major risk. There’s no guarantee that you’ll be successful. If you’ve got your eye on running your own business, but are wary of taking on the risks of business ownership without support, franchising could be a good path for you.

When you buy a franchise, you have the support and branding of the franchisor, which reduces some of the risks associated with new businesses. Still, there are risks in starting any business, even franchises. Be on the look-out for the following red flags as you evaluate franchises to invest in.

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Unlike starting a business from scratch, franchising lets you hit the ground running with a brand, a product or service, and a proven business plan.

Putting those ingredients together, however can take a little work––especially for first-time business owners.

Here are X tips to help you get your franchise out of the red and into the green as fast as possible:

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Franchising puts thousands of people in control of their own businesses each year, but those who succeed don’t get there by luck––they did their homework first.

While we often hear hard work alone can get you anywhere, most franchisees know there’s more to it than that. Making smart decisions, especially early on, is equally important to making your investment a lucrative one.

One of (if not the) most crucial things to consider is money. Not only how much you have now, but how much you stand to make and when you can expect to see those earnings once you’re underway.

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