By Diane Stafford

You're coming up empty in the job market. You don't have the next great entrepreneurial idea. Franchising is looking pretty good.

And it could be good. But buying a franchise also can drain your money and your time and end up not being what you or the marketer cracked it up to be.

Buying the right to sell goods or services from an established name-brand company can give you a proven business plan, training and ongoing support.

But the International Franchise Association and the Federal Trade Commission have seen enough dreams dashed that they warn against rushing into franchising. Some slick marketing materials and profit promises don't reflect reality.

Start your research at www.franchise.org . Guidelines for potential franchisees are posted on the association's Web site. There's also a chat room where you can ask questions.

Here are some things would-be franchisees need to know:

Initial franchise fees cost several thousand to several hundred thousand dollars, and may be nonrefundable. You also may be responsible for paying royalty fees to the franchise company, rent, building costs, equipment and inventory costs, and the costs of your operating license, insurance, advertising and "grand opening."

What can you afford to invest? More important, what can you afford to lose? Can you get financing if you need it? And do you have other income to live on while establishing your franchise?

Many franchise companies will select your business site, specify your business territory, and set design or appearance standards. Most restrict the goods or services (such as specific menu items) that you could add or subtract from your business. The operations manual can be strict.

A franchise agreement typically expires after 15 to 20 years. You might not be renewed, or you could be renewed under substantially different terms.

Do some market research in your area. Is the product or service needed, or is the market saturated with competitors? And does the franchise depend on a fad that could fade?

Be wary of hard sells. Good franchisors give you time and information to help you shop the competition and talk to other franchisees.

The Federal Trade Commission also requires that franchisors back up in writing any claims made about business performance.

Read carefully - and share with a lawyer and an accountant - the "Uniform Franchise Offering Circular," a legally required document that discloses financial, management and litigation information about the company.

Finally, do you have the necessary skills, interest, ability, experience and temperament for this franchise?