I would recommend you check out the investment gurus and see whose stock is climbing. Then research them and find out why. If you haven’t the know-how, rely on the gurus to determine whether their rise is a short-term fad or whether they have long-term staying power. Look for values and policies that are ethical and consumer-friendly. Talk to some of the staff and managers and owners of franchises you are interested in buying into. One, because it is a good idea to know your competition and, two, to screen out any subtle problems you haven’t identified elsewhere.
At the same time, be thinking about location, location, location. Be thinking about overhead, initial investments, who do you want to borrow from, do you qualify for a small business loan from anyone, line up a good accountant, tax attorney, and general attorney. Incorporate yourself (best as an S corp, I think) and transfer all your significant property into your corporation. Request annual and quarterly stockholders reports and study them. Follow your targets for a few months before you start shelling out cash. Here in California the real estate market is in a major slump. It’s easy to buy but hard to sell. Keep that in mind when you are looking at locations. If a location doesn’t work out, how hard will it be to unload it and move your business? How much will it cost to renovate to your needs?
Do your homework now or regret later. The inevitable cover-your-butt policy.