An established franchise already has a customer base and is known in the community. Established franchises usually cost more than the initial franchise fee, but consider that you are buying an existing income stream and any build out is already completed.
People who are looking into buying a franchise as an investment should look at established franchises. See the article, “Why Own a Franchise.” But they should do so with the same scrutiny as if starting a business from scratch. Research the territory, the franchisor, and the customer base. Talk with other franchisees. Ask these questions:
For more information on how to choose the right fit from the list of established franchises for sale, see "Narrowing Your List of Franchises".