Small business is the backbone of the Muskoka economy, and what better way to prepare the entrepreneurs of the future than by supporting them in their student summer ventures?  

This is the aim of Summer Company, which is offered again this year through the Muskoka Enterprise Centre. For the eighth year in a row, students between the ages of 15 and 29 will have a chance to run their own business for the summer, with financial support of up to $3,000  from the Ontario government.

In addition, business training, coaching, and guidance are provided to successful applicants by the Muskoka Enterprise Centre.

In the past, Summer Company businesses have made a valuable contribution to the Muskoka economy, offering a wide range of products and services including painting, landscaping, photography, custom designed clothing, paintball, barging services, construction, computer repair/web design, and food concessions.

These businesses often hire other students for the summer, thereby creating jobs as well as providing services.

Student entrepreneurs have shown themselves to be resourceful, hardworking, and service-oriented, all of which are essential qualities if one is to launch a successful business in the short time period available (8-12 weeks).

Summer Company does try to ensure that it supports viable business ideas wherever possible, keeping in mind that students do need to earn money for their education.

The Summer Company experience is a complete business experience, and as such is extremely valuable in helping young entrepreneurs learn what it takes to become successful in the competitive world of business. Students start by preparing a comprehensive business plan to identify the goals of their business and how they will achieve them. They do market research to identify who their potential customers are, and devise a plan for how to promote their business to these customers.

Part of the business plan identifies their competition, and outlines a strategy for how they will compete in the marketplace.

They also have to price their products and services so that all their costs are covered and they can pay themselves at the end of the day.

The application also includes a detailed start-up budget and cash flow forecast, which will be reconciled with actual income and expenses as the summer goes on.

Throughout the summer, students meet with staff of the Muskoka Enterprise Centre on a bi-weekly basis to reconcile cash flow, submit receipts, and review the progress of the business. Individual mentors are also available that the students can call if they have questions or need help with the business.

These mentors are themselves members of the local business community who have taken an interest in our young people and decided to share their knowledge and expertise.

Muskoka Enterprise Centre maintains an ongoing list of people interested in mentoring, and invites anyone interested to get in touch with us.

The overwhelming response of students to the program has been very positive. Most admit they have never worked so hard before, but at the same time found it much more rewarding than a regular job.

Spaces are limited, but there is still time to apply to Summer Company, as the deadline to submit a completed application is April 30.

Interested individuals can visit www.summercompany.ca or call the Muskoka Enterprise Centre at 646-9021.