NEW YORK (CNNfn) - Here are answers to your questions for CNNfn small-business columnist Jane Applegate:

Dear Jane: I'm applying to buy a franchise. As part of the process, I have to visit several franchisees. Is it appropriate to ask them about net margins, gross sales and daily units sold? These things seem personal, and I don't want to be told to "mind my own business."
There's nothing personal about wanting to learn everything you can about a business before you buy it.

This comprehensive due diligence process is critical because state and federal regulations prohibit a franchise company from making detailed financial promises to potential franchise buyers. So, when you sit down with a current franchise owner, don't be afraid to ask the tough financial questions. Most franchisees are willing to share basic information.
Before scheduling an appointment, make a long list of pertinent questions. Before going inside for the meeting, take a quick look around the neighborhood, check out the number of cars in the parking lot and scan the area for competitors. A good location is critical to most franchised retail businesses.

Sit down with the owner and immediately thank them for taking the time to meet with you. Then begin your discussion. You want to get beyond the numbers to find out whether the parent company is reliable, trustworthy and supportive. Ask whether they provide marketing and advertising support, which you pay for through your royalty payments. Are they responsive to problems and complaints?

Remember, buying a franchise means making a commitment to run the business based on a tested model. There is little room for improvisation and creativity.

Dear Jane: How can I convince an existing company to consider licensing my company's products? I've received letters back from a few saying, "We cannot consider your idea for legal reasons." Yet these same companies are accepting other outside ideas. If you can confirm that the company does accept outside ideas, you will have to take a more professional approach to establishing contact. Hire a reputable business attorney to draft a solid non-disclosure agreement. Non-disclosure agreements allow people to take a look at your ideas if they promise not to steal them.

Before sending the non-disclosure agreement, send a letter outlining your expertise, current products and company background to the president or chief executive officer. Explain as much as you can about your idea and why it would benefit the company -- without giving it all away.

Send a similar letter to the director of business development or the marketing director to pique their interest as well. Save yourself time and money by finding companies that are open to accepting outside ideas.

Tri-Star Products, based in Parsippany, N.J., recently held a cocktail party in Manhattan and hundreds of inventors showed up to pitch their ideas to founder Keith Mirchandani.
Mirchandani told me he's made millions of dollars for himself and the inventors of products like the "Absculptor," "Hook 'N Hang" and "Banjo Fishing System."