Running a Business or Franchise |
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Entrepreneurship Co-op
Do you want to launch a brand new venture, run a start-up or operate a franchise as a co-op job? Laurier offers the opportunity to do just that to co-op students from all faculties across campus. Here’s how.
Getting Started
To get started, first discuss your interest in the Entrepreneurship Co-op option with your co-op coordinator. Whether you are interested in running your own venture or a franchise, you will need to develop a business plan to get your business approved as a co-op position.
For new ventures/start-ups, your plan must detail the value proposition for the venture, the business model as well as a work plan with achievable milestones aligned with the timeline for the term. You are encouraged to use a format that is best suited to the venture and its stage of development. The Business Model Canvas is a powerful tool for early-stage ventures. It can be downloaded at www.businessmodelgeneration.com.
Once completed, your plan will be reviewed by the Schlegel Centre for Entrepreneurship. Please contact Victoria Larke, Manager: Schlegel Centre for Entrepreneurship directly at vlarke(at)wlu.ca to arrange for a review and feedback on your plan.
If accepted, workspace for new ventures can be arranged by the Schlegel Centre for Entrepreneurship at the Laurier Sandbox at the Communitech Digital Media Hub.
Students operating new ventures, must provide the name of an advisor or mentor.
For franchises, a standard business plan is required which must include analysis of the competition and a marketing plan. It will also include, as headings, any of the following topics that apply to the franchise:
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• executive summary |
• staffing
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Franchise business plans must be submitted directly to your co-op coordinator for review and approval.
If you plan to run a franchise, please give your co-op coordinator the name of your area manager or district representative. If we have previously approved a franchise with the same company for other co-op students, your proposal may be less detailed than those required for new businesses.
Progress Reports
You will need to provide a progress report to your co-op coordinator each month during the term. You will prepare a work report like other co-op students, which should detail work completed and milestones achieved.
Resources for Young Entrepreneurs
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Financial Assistance |
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Summer Company Program – Grants up to $3,000 for students starting a summer business. Canadian Youth Business Foundation – loans and a mentoring program for young entrepreneurs operating new ventures. |
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Business Planning |
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Business Model Canvas – an effective new method for conceptualizing and detailing new ventures. Refer to www.businessmodelgeneration.com for more information. The Mazemaster site includes guidelines and forms for writing business plans and forecasting cashflow, in addition to providing lots of good stuff for budding entrepreneurs. (Go to the "Self Employment" module to find information on writing business plans.) |
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Local Support |
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The Schlegel Centre for Entrepreneurship offers programs and resources for Laurier entrepreneurs. The Waterloo Region Small Business Centre site offers links, a newsletter and information about their services to entrepreneurs in region. |
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More on Starting a New Venture |
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The Ministry of Economic Develoment and Trade provides information on starting a small business, and links to Small Business Enterprise Centres. |
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Ontario workinfonet.ca (OnWIN) provides online information about becoming an entrepreneur, writing business plans and running a business. |
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Resources are available from Canada Business - Services for Entrepreneurs. |
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Canadian Business Online Startup Guide |
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Globe and Mail Small Business |