Franchising is a wonderful way to go into business for yourself. So many things have already been established for your benefit: branding, marketing, processes, products, systems, etc. Owning a business through franchising eliminates the need of reinventing the wheel.

As a strategy, building a business through franchising has proven to be so successful that franchised businesses generate jobs for more than 18 million Americans and account for almost 10% of the private-sector economic output, according to a study released by the International Franchise Association Educational Foundation.

If you are convinced that you want to investigate franchising for your next career move, how do you go about finding just the right one? Detailed below are seven steps to help you determine what to look for in a franchise that will meet your needs, expectations and goals.

STEP 1. Before you start looking at franchises, take stock of that most important component of the equation-you.

What skills, experience and interests do you have? Consider your past jobs, and determine what you liked best and least about them. Then make a list of your strengths and weaknesses. How much money can you invest, and how much would you like to make? Are you comfortable managing others, or would you prefer to work alone? Where do you want to work? Are you willing to relocate?

What hours are you willing to work while the business ramps up, and what lifestyle expectations do you have after the business is established? How do you feel about selling and the sales process?

By starting with a list of what you have to offer and what you need from a business, you can create a strategy and model for your research. STEP 2. Keep an open mind. It is best to keep all options open when considering a franchise.

An inexperienced person might approach the process by thinking, "Well, I love doughnuts, so how about a doughnut franchise?" Then, after spending days or weeks of research looking for a doughnut company, that individual might find he didn't have the required capital, the territory he wanted was not available, and he'd have to give up weekends if he were the owner of a food franchise.

Another ineffective way to begin your franchise research is to limit your options by locking yourself in to one or two concepts. If you think, "I'll only look at ice cream and exercise franchises," you may miss finding that gem of a concept which would mesh perfectly with your needs.

With thousands of franchise companies available, keeping an open mind is the best strategy you can employ to get in on the ground floor of that hot new concept, or to find something that will really take off in your market.

STEP 3. Let's say you've found an assortment of franchises that look promising. What do you do next?

Start by contacting each of the franchisors and requesting information about their concepts. You will probably get a call from someone in the franchise development department who will gauge your interest and advise you if the territory you seek is available. Also, you should thoroughly review the information posted on the company's Web site, along with any brochures and videos the franchisor sends you.

Keep notes on your impressions. Are their materials professional and up-to-date? Are you treated courteously by a friendly and knowledgeable member of the corporate office? Are your questions and concerns answered to your satisfaction?

What you see from the company at this time may be a good indication of the type of support you could expect to receive as a franchisee in that system.

STEP 4. Your next step is to read the company's Uniform Franchise Offering Circular (UFOC), a document which every franchise in the United States is required to provide to prospective franchisees. From this you will learn the history of the company, the details of its training and marketing programs and what costs, royalties and fees you will be required to pay.

In fact, there is a treasure trove of information included in the UFOC. It contains details about who owns the franchise system, who has a controlling interest, what kind of litigation it is involved in (or has been in the past) and much more. Take the time to read this document very carefully, from beginning to end.

Some franchisors also provide earnings claims in the UFOC that will help you estimate the potential profitability of the business, but most do not. The UFOC is full of information about the franchise, and it should clearly explain the responsibilities of the franchisee (you) and the franchisor. Reviewing the UFOC and developing a good understanding of what it says is a very significant part of the research process.

By paying attention to what you discover in a company's UFOC, you can weed out franchises that just don't measure up. Two warning signs of a franchise that is facing challenges are extensive litigation with franchisees and a closing rate of units that is greater than the rate at which new units are being opened.

STEP 5. This step is of monumental importance when judging the likelihood of finding happiness in a particular franchise: Call existing franchisees!

Existing franchisees are your best source of information for finding out what really happens in a business on a day-to-day basis. You can ask what they like and dislike about the business, if they are happy with the corporate support they are receiving, and even get a feel for the type of earnings a franchise makes.

Gather a variety of opinions, and you'll get a clear picture of not only the franchise itself but of how you'd fit into the organization. That is why this step is so significant to your being able to make a definitive decision. It can also be very helpful to get in touch with former franchisees who have left the system. If you can track down any former franchisees, ask them what they liked and didn't like about owning a franchise in that system. Of course, be sure to ask them why they left the system.

STEP 6. Your next step is to narrow down your choices. Okay, maybe it's not all that easy. Let's review what you've done so far:

Hopefully, by now you have now found at least one-and preferably several-companies that seem to have the potential to meet your needs. When you've made it this far, it's time to go to "Discovery Day," which is an on-site meeting with a franchisor.

At this meeting, you will be introduced to the top people in the home office. You may also get the opportunity to pay a visit to a local franchisee, allowing you to ask even more questions and maybe to get some hands-on experience with the business.

Discovery Days are very interesting and exciting. When you leave, you should have a good understanding of the franchise. Don't forget that this is a two-way street. The franchisor will be evaluating you as thoroughly as you are evaluating the franchisor and its business.

STEP 7. The last step, of course, is making the final decision. As is generally the case with any major decision, you will likely be filled with anticipation, anxiety, excitement and fear. Those are very normal feelings, experienced by almost everyone.

But if you've done your homework and followed the steps as outlined here, you should be very comfortable with your decision.