You have an idea for a business, some money, and a whole lot of time. You could start an independent company, but there are already swimmers in that pool--other businesses that perform the same services or offer the same goods. You're left with a choice: forge ahead by yourself, or join some of the 750,000 U.S. franchisees represented by the International Franchise Association.

Owning a franchise gives you the authorization to sell a company's goods or services in a particular place. In other words, someone who wants to run a business (the franchisee) pays a larger company (the franchisor) for the ability to use their trademark, sell their products, and represent their business as an extension of the already-established franchise.

If this seems a little confusing, think about it this way: Businesses such as Oil Can Henry's, Subway, and Hyatt Hotels are the result of successful franchises. On the flip side, an independent mechanic, the local food co-op, and the Smallsville Hotel probably aren't franchises; they're more likely small businesses that are independently owned and operated.

Just as some people prefer PB&J over deli sandwiches, franchising opportunities don't come in just one flavor.

Start by asking tough questions: What type of business do I want to pursue? Am I ready to work long hours, or do I want to be involved part-time and keep another job? Am I okay working within the restrictions of the franchisor, or would I rather groove to the beat of my own drum? Preparing for the responsibilities of a franchisee will put you in a much better position than putting yourself out there and hoping for the best.

Knowing what type of business you want is great, but you have to determine if it could be profitable. Ask these questions: Will my business satisfy a legitimate, steady need? Are there enough customers to support it? Is there competition? Don't just expect to fling the doors open to a Disc Golf Mania and watch the crowds pour in without doing some market research.

Perhaps the most important question to ask is whether becoming a franchisee is affordable. Starting a McDonald's franchise may seem like it would take nothing more than frozen hamburgers and cooking oil, but be prepared to shell out $45,000 for the franchise fee--what the franchisor charges you to become part of the franchise and receive training. It may seem like a lot of dough, but you would be part of a franchise with international recognition and whose spokesman, Ronald McDonald, is recognized by 96% of American kids.

Coming back down to earth, franchises on the less expensive end of the spectrum, like fitness chain Jazzercise, can cost as little as $500.

However, there are more costs to running a franchise than just the franchise fee. You'll also be required to pay a royalty fee, typically 2% to 10%, to the franchisor throughout the term of the agreement (20 years with the option to renew in McDonald's case). In many cases, you'll also be responsible for the building, and will be expected to pay both rent and deposits for the site. Add in inventory, equipment, working capital and advertising fees, and that $500 you thought would get people Jazzercisin' might end up costing closer to $3,000. And at McDonald's, that initial $45,000 balloons to over a million bucks before the first McNugget is fried.

If you're financially ready, The New York Times suggests hiring a business broker, a financial advisor, and a legal advisor to help with the technical aspects.

Sources: franchise.org; nytimes.com adage.com; worldfranchisecouncil.org; wdfi.org; entrepreneur.com; wsj.com