Know yourself: What are your skills/experience? Do you want to be fully involved or semi-absentee? Can you manage staff? Do you prefer home-based or physical location?
Budget: Estimate of your budget including all franchising costs and working capital, and know your funding options.
Research: Narrow the search to the industries that interest you and/or in which you have experience. Remember that some franchises don't require industry-related experience as they do full training, and some of your skills may be transferrable to other industries.
Support: Will the brands that you are looking at support and train you and have a proven model and track record? Do their values align with yours? How do they treat their franchisees?
Review: Read the FDD (Franchise Disclosure Document) or other documentation fully, and review with your legal and accounting support. Is your territory protected? What would be your performance obligations? Do they have a history of litigation?
TALK TO EXISTING FRANCHISEES. This is important. You should always make a point of talking to existing franchisees. They live the franchise every day and can give you important insight.