What is a good franchise business?

Unique. A fresh or unique concept that has the potential to expand nationally, and even internationally.
Profitability. The business must be consistently profitable.
Systematized. The business operating systems should be polished and efficient. These systems and procedures should be in manual form.
Training. The transfer of knowledge through training should be relatively easy for others.
Excellent margins. The profit margins built into the concept should be viable enough that every franchisee who adheres to the franchise system can realize an attractive Return on Investment.

Are you franchisee material?A good franchisee is an important part of a successful franchise chain. Evaluate your ability to be a good franchisee with these qualities:

Avid learner. Someone eager to learn will be receptive to the training and knowledge a franchisor will impart.
Effective communicator. A franchisee with good communication skills will be effective in conveying their thoughts and ideas to different individuals in their course of work.
Ample experience. General business skills, such as marketing, sales or administrative expertise, will come in handy for a franchisee.
Financially capable. Financial capability is essential in making a franchise fruitful. The required money should be complemented with proper financial planning to run the business till it breaks even.
Awareness of the brand. A prospective franchisee’s ample knowledge about the product or a service indicates whether he is really serious in getting a franchise or not.
Open to new ideas. A good franchisee must be open to new ideas in order to make it easy for the franchisor to introduce changes in the system that can be beneficial for both of them.
Ready to follow. A franchisee must be ready to follow the prescribed set of rules and regulations contained in the franchise agreement. This is important in maintaining the proven business system developed by the franchisor.
Original thinkers. Though it’s necessary that a franchisee be a good follower, he should also be able to think for himself. However, it must be made clear that franchisors are to be consulted first at every stage of introducing a new change in the system.