In accordance with statistics, about 30 percent of all small businesses eventually fail. But a failure can be prevented if you invest more time and effort in choosing the right business to run from among a vast sea of franchise opportunities. A good first step is to investigate the financial histories of franchises in the industry you are interested in and familiar with. Focus on those that have the most solid reputation and a stable history of success.Among the franchises you have initially selected, opt for those which can offer a developed support system, initial and ongoing training, and a proven market - the three most essential “ingredients” for success. The support system should include at least some of the following elements provided by the franchisor: the presence of a trainer, equipment, resources, software, advertising and marketing systems, and the processes for generating and maintaining the client base. A strong support system should also be consistent, so look for those that can offer an ongoing support in the form of regular meetings or sales coaching. If your franchise is backed up well, you will need to spend less time to develop your own ways to run the business and, therefore, will be able to start making money faster.

Training can be a crucial element, too. Prior to investing in a franchise, find out if any initial training is provided and how long it may last. Make sure the training complements the support system. It is also advisable to obtain a copy of the detailed training program before signing the franchise contract - the best franchises will offer you an advanced, comprehensive, and fully documented program. Ideally, ongoing support and training should enhance each other, thus ensuring that you get an assistance and new ideas in running the business and can gain new skills on a regular basis for the benefit of your franchise and the entire network.