You must clearly understand your motivation in buying a franchise. Are you tired of working for someone else, or angry because you are not advancing as fast as you think you deserve? Are you concerned that the field you are working in is at risk, and that you could be a victim? Would you be content working long hours in a business that you owned, and where the future is somewhat more secure? If so, you are essentially looking to buy a job. This is probably the most common reality of many franchises, and can be a very successful strategy.

Most franchises are essentially “buying a job” with an average income range of $30,000 - $60,000 per year if 1) there is no debt; and 2) the franchisee works long hours in the business.

On the other hand, you may be seeking to create significant wealth, in the multi-million dollar net worth category. To accomplish this in the franchise world, you will need to become a multi-unit owner or Area Developer. This will require a higher level of management skill, more capital, and investing in a franchise that encourages its successful franchisees to own multiple units. Often, this is a rapidly growing franchise, or an established franchise system with reasonably high density of locations.

But be aware of this reality: even the high-income, multi-unit franchisees generally put in 60-80 hours per week in their business. This is not passive income.

Finally, you may be seeking to make money by buying under-performing locations, fixing them up, and flipping them.
My strong recommendation is to exercise this strategy with privately held independent companies, generally with sales starting in the $1-2MM annual sales.