Decide if your business or idea can be franchised

Some types of businesses lend themselves more readily to the franchise concept.

I recommend: Francorp is a top solution for help and information on turning an existing business into a franchise, offering a full line of services. Start with their handy online franchisability quiz to help you see if your business is ready to make the jump. Francorp also offers regular franchising seminars across the country.

Hire a franchise attorney

Developing a franchise from scratch takes plenty of legal documents. You'll want an expert to prepare and review them on your behalf to keep you out of trouble.

I recommend: Choose a franchise attorney from the Supplier Directory on the International Franchise Association (IFA) Web site.

Create an operations manual

Before you can sell others on your successful methods of operating a profitable business, take time to write down what it takes to run your company.

I recommend: For help in developing the operations guide that will be at the core of your franchise concept, look into hiring a franchise consultant such as McGrow, MSA, FranCorp, or iFranchise.

Identify potential financing sources for your franchisees

Since 90 percent of all franchises require an initial one-time investment of up to $50,000, plus royalties or ongoing fees of 3 to 6 percent, you'll want to make your franchise more attractive by making it possible for franchisees to afford it.

I recommend: Investigate financing available through GE Franchise Finance, Capital.com, CIT Small Business Lending, and the Small Business Administration, among others.