If the success-rate statistics for new business start-ups scare you, you may want to consider buying a franchise. With proven systems and business models, franchises have a 96.2 percent success rate. But even with the chances of success in your favor, don’t jump in without first thoroughly doing your homework.

Here are some tips from Bruce Krebs, franchise consultant and business coach and owner of the local The Entrepreneur’s Source franchise, on what you should do before buying a franchise.

1. Request a uniform franchise offering circular (UFOC). Franchisers are required by the Federal Trade Commission to provide this document to you at least 10 days before money is exchanged. This document will include: • two years of the company’s financial statements • any litigation that’s been brought against the company • a list of all the franchise outlets • information on franchises that have failed or left the system • total investments you’ll need to make • information that will appear on your agreement

2. Speak with five to 10 other franchise owners about their experiences with the company. Some questions you may want to ask the franchisers include: • Was the training the franchiser offered helpful in getting the business off the ground? • Has your experience proved the investment and cost information in the UFOC was realistic? • Knowing what you know now, would you make this investment again?

3. Before making a final decision, ask yourself these questions. • Is this franchise established and reputable? • Does the franchise have materials in place to replicate its business? • Is this something I want to do every day? • Will the short- and long-term returns meet my needs?