You should have at least something. Presuming this is a standard mechanical flasher and not one of the new high tech LED flashers,
There are 2 different ways they can work. The simplist is a self resetting circuit breaker. The load causes the thermal spring to cycle off, cools, resets. Another version works the opposite. Starts off with a small heating element and when it heats enough the contacts close bypassing the heater. Cools, opens, cycle repeats. Different patents. One starts with the light on, the other with the light off.
Either way there has to be some continuity through the flasher to get the thing started. If you are getting an open through the flasher, it is bad.
Electronic flasher (LED style) all bets are off.