That's where the real learning happens for students, and the same is true when investigating a franchise. The most important homework step is calling people, specifically the franchisees of the system you're interested in. You'll receive a list of all the existing franchisees in the Franchise Disclosure Document you get from the company, so take the time to call at least five to 10 of them. It also a good idea to do a search online to find some former franchisees.