Ever wanted to be the proud owner of your very own KFC or Baskin Robbins? For some entrepreneurs, owning a franchise is a more appealing option than starting a business from scratch. It makes sense—franchises typically come loaded with a successful business model, an established name, and built-in, nationwide advertising. But caveat emptor: that doesn't necessarily guarantee success.

Take Cold Stone Creamery. The Wall Street Journal has a cautionary tale this morning about the ice cream retailer—and the troubles many entrepreneurs find themselves by purchasing a franchise without thoroughly researching that business' model and operations. While Cold Stone was one of the most popular franchises around for years, the WSJ reports that its franchisees are closing their doors in droves because of risings costs and lower profits. Many of the entrepreneurs who bought into Cold Stone say that the problem isn't just a bad economy—it's that the ice cream company has a faulty business model. Others say they were actually misled, and that Cold Stone provide them with wildly inaccurate financial projections—something the company contests.

Setting aside the accusation that Cold Stone purposely misled entrepreneurs, didn't the franchisees work out the numbers and figure for themselves whether or not operating a shop in their area was truly viable? Even if Cold Stone tricked franchisees with faulty numbers, shouldn't the business owners have been aware of the cost of their goods and the potential traffic their store would attract?

Before you jump on me for chastising the franchisees—let me be clear. While it seems that they're not entirely to blame for their own plight—there were a few questions they should have asked and things they should have done before buying into what they now say is a faulty business model. The first is that they still should have planned and understood that company's operating model inside and out. While many small business owners turn to franchises because they see an established parent company, and a profitable framework they can follow, that doesn't ensure success. The WSJ's Independent Street blog also suggests a few other questions potential franchisees should ask:

1) Is there too much expansion? While it may appear that a fast growing company is doing incredibly well, do you really want to be down the street from someone shilling the same fries as you?

2) Will the product weather an economic downturn? Certain items like cigs and beer seem to be a necessity that people will purchase no matter whether there's a depression going on or not. $4 ice cream, as the WSJ points out, is a different matter entirely. When people have bucks, sure they'll indulge. When they're tightening their belts—not so much.

3) What's the franchises policy with coupons? If a company has a nationwide coupon program, that could spell trouble for franchisees because of regional variations in stores. Cold Stone was distributing buy-one-get-one-free coupons that many business owners say killed their profits.

Bottom line—even if you're buying into an existing business model, planning and asking the right questions is critical.