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Summer
Job Profile:
Working for the Best!
Make
your own summer job
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If you've had it with ruthless, demeaning, and
unappreciative bosses…. or if you plain just can’t find
a job, there may be a position for someone you really know and
trust: You! Each year thousands of students rather than work for
someone else decide to take the path of self-employment. And while
it may be more of a risk and you may actually toil harder than
you would for someone else, the rewards can be not only financially
very lucrative, but also excellent business experience.
Students come up with some amazing ideas, everything
from clothing lines to web site development and in-line skate
schools. However what usually carries these creative student thoughts
from ideas to actual successful businesses, is how well thought
out they are. In fact one of the most critical factors in the
success of a small business is - its' plan. Laborious to do, the
business plan acts almost like a roadmap that outlines details
such as financing, strategy, expected expenses and revenue, direction,
etc.
Tips for the process:
Write a thorough business plan. There
are plenty of resources to help guide you through the often
agonizing process of writing a business plan. You can access
a free online
guide or use an interactive
planner to assist you. Regional small business centers (insert
link to a page that I have) as well as campus and local libraries
are also a good source of information. For titles of books we
recommend, view our book
list.
Use local community Small
Business Centres. You may have the most amazing idea
and have labored over a business plan but having someone review
your plan can help enormously. It often varies from province
to province, but many local small business
centers will provide initial consultation to students
for free, while others may charge a nominal fee. These centers
also have some great books and publications that you can access,
usually without charge. Our recommendations
Consider balancing a summer business with
a part-time job. Starting your business on a part-time scale
may give you a glimpse of whether it is likely to fly and whether
or not "running your own show" is for you - before
you wager your whole summer earnings on it.
Talk, and more importantly listen, to other
entrepreneurs in similar type businesses. The best sources
are those successful entrepreneurs that are not only willing
to share their success stories, but also their mistakes as well.
Check first with family or friends who have gone the entrepreneurial
route.
Look thoroughly into sources of funding.
The search for funding for your summer job can sometimes be
as time consuming as the search for funding for your education.
Fortunately there are programs set up specifically for students
(see below), which offer no, or low interest loans and occasionally
grants.
Taking the plunge: The Fish for Funding
Most funding programs for student ventures are
in the form of loans. Usually the appeal is that many of these
loans are interest free if you pay them back within a certain
time period.
All provinces or territories have some sort of
program for students to get their hands on the money to start
a business. Most provinces participate in the Federal funded program,
run by the Business Development Bank of Canada (Nova Scotia, New
Brunswick, PEI and Ontario have their own programs). Programs
do however differ in how they are run and very importantly in
their terms and amounts. Most offer up a maximum loan of up to
$3000 however Nova Scotia digs the deepest with a maximum $5000
loan.
Keep in mind that like education loans, these have
to be paid back. What does differ is the interest rate, interest
free period, and in some cases if there is any reward given based
on the success of either the business or promt repayment of the
loan. New Brunswick for example reimburses one-third of the original
loan for a punctual repayment and meeting cartain conditions while
Nova Scotia offers the chance to win $100 to $2600 in additional
awards.
Ontario gets generous! The gang at Queen’s
Park (perhaps affected by the Toronto air) is going one step further
by adding a “student entrepreneurship experience” program,
which will provide an outright grant to qualifying students to
start their own small business. It hasn’t even been announced,
but The MoneyRunner’s prying ears have learned
that Ontario’s Ministry of Economic Development and Trade
will officially announce this program sometime in late March /
early April. Rumor has it that it will be a competition based
on a business plan submission and interview - which could result
in a $1500 start up grant and $1500 upon completion of the experience
and a return to school. Not a bad incentive to go back- unless
of course you’re summer business has ballooned into a multimillion-dollar
business before then. We’ll update you via The MoneyRunner
as soon as the government has the details figured out.
Provinces participating in the Business Development Bank of
Canada (BDC):
- Newfoundland
- Quebec
- Manitoba
- Saskatchewan
- Alberta
- British Columbia
- Northwest Territories
- Yukon
- Nunavut
Call the Business Development Bank of Canada (BDC)
at 1-888-463-6232 for further information or a guide to applicants.
Provinces running their own program:
- Ontario - The loan program was scrapped, but the new
grant-type program will be announced in late March or early
April.
- Nova Scotia
- Loans up to $5000. Call Toll Free 1-800-565-2009, or click
on
- PEI
- For a $3,000 loan, call Toll Free 1-800-563-3734
- New Brunswick
- For a Loan Program up to $3000, call Toll Free 1-800-200-1180.
Although not all will chant the "be-your-own-boss"
mantra, self-employment uses students' creativity and satisfies
their sense of adventure, while providing them with some reasonable
cash. It may even turn out to be your "greenest" summer
yet!
If you want to read up on self-employment, check
out our book list and
our list of small
business service centers.
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