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We were all university students once, spending large portions of our summers deep into an internship in (hopefully) our field of study.

Sometimes, these unpaid work opportunities resulted in a huge waste of time; many times they proved to be of great value to one’s career, introducing us to the ins and outs of a profession and offering us a feel for life after college.

If you run your own business, you might be looking for opportunities to give back to your community, cultivate new talent and receive some added help around the office.

Starting an internship program for your company might be an excellent way of contributing to society’s wellbeing by training future professionals and providing a boost or breath of fresh air to your business.

It may seem easy to set up an internship program. However, there are plenty of things to consider when developing this type of program and making it worthwhile, beneficial to all parties involved, and ultimately sustainable.

Here are 8 factors to consider when setting up your own internship program.

Define “Internship” – One of the first things you must do is define what an internship in your firm will look like. Will it be paid? Will it offer college credit? What type of work will the intern do? How long will the internship last? What will the intern’s schedule look like? What does the law say about internships in your jurisdiction? What are your overall objectives? What skills are you looking for in an intern? The questions are endless but once you’ve defined the parameters for the internship based on your needs and those of the prototypical university student, you’ll be able to move on with this initiative. Always remember to study and evaluate your potential pool of interns, as well as your organization’s ultimate goals.

Load the Bandwagon – It’s crucial when setting off on this sort of project to have the support of your entire organization. If a few people oppose the program and are not willing to help the intern succeed during his or her time with you, then the program’s bound to fail. You have to present your boss, colleagues and employees with the multiple benefits of creating an internship program and making sure they’ve got your back. Once the program has taken off, it’s worthwhile having orientation sessions for all employees and students involved so that expectations are clear to everyone.

Develop Intern-Specific Plans – This point delves deeper into the definition of “internship.” You need to develop a tailored-made structure for each intern you receive. This should consist of overall objectives, lessons to be passed on, daily schedule (flex or not?) & responsibilities, projects to be completed within the allotted time, company policies and structure, feedback or evaluation procedures, etc. It might be good to put together an internship manual (either printed or on a website) that includes a lot of the more general information. Also, and this might be the most important aspect of any internship program, interns should be doing work that is directly related to their field of studies; please don’t have them sugar your latte or fetch your lightly starched shirts from the cleaners or run dozens of copies of a funny for the staff meeting.

Assign Mentors – Interns need someone to help them navigate their new surroundings and roles. Assigning one of your employees to be the intern’s mentor during his or her time with you is an efficient way of incorporating them into the daily work routine. The mentor will hand out tasks, answer questions and provide the intern with ample support. Make sure the mentor has the time and is willing (see point 2!) to take on this responsibility. It might also be useful to assign an employee to be the internship program’s manager and have mentors report back to him or her with suggestions for improvements, comments, potential conflicts, etc.

Provide Interns with Opportunities for Growth – Any courses, seminars or other like-minded activities that you give access to your employees should be made available to your interns.  In-house classes in computing, communications, digital marketing, social media management and design, to name a few, will enhance the intern’s time with you and provide them with skills that will translate well once they start their professional lives. Of course, if your budget is a constraint, find creative ways of passing down these types of skills to your interns.

Involve Professors & University Staff Members – If your main pool of interns is located in nearby universities, make sure to involve their professors and university staff members. It’s always a good idea for the universities to learn about the internship programs their students attend and discuss ways in which they can improve or expand their collaboration with your business. Building a strong relationship with local academic institutions will afford you with a greater number of potential interns and a more influential and visible position within the community. So one recommendation is to recruit interns at a local level!

Always Ask for Evaluations – At the end of an internship, ask students to complete an extensive and detailed evaluation form. This should help you fine-tune your internship program, eliminate bad habits, evaluate mentors’ performances and incorporate innovative ideas that might have not crossed your mind.

Hire from Past Interns – Fact is you’re bound to come across an intern that blows your socks off—intelligent, diligent, creative, meticulous, respectful, funny, energetic, all of the above. Internship programs provide you with a great pool of talent; make sure to harvest it by offering past interns full-time positions within your business. This is an efficient, faster and more consistent way of taking on more employees since you’ve had the opportunity to groom them during their brief stint as interns with the company. At the same time, this practice will add visibility to your internship program, as students will be drawn to the possibility of full-time employment if they pass through your doors.

Question: Do you have an internship program? How has it benefitted your business?