You can raise good funds from this venture but need to get a volunteer on board to check all submissions & proof reading & data entry for invoicing/etc.
Ensuring you have specifications for the artwork you want sent with the promotion is important – a lot of small businesses or hobby businesses want YOU to design their ad.
Businesses need to submit publication/press ready artwork which will save you hours of work.
Clear deadlines are a must and sign off on the final CATEGORY where their advertisement will sit eg: I sell handbags – is that Fashion or Luggage?
Of course most directories are on-line (with ongoing subscription costs!!!) but it still needs these processes undertaken to ensure it runs smoothly – uploading press ready artwork and having a signature from the business with a date + time that the information supplied is correct at the time of publishing – because will you update the directory every term?
Have a statement that says:
This Directory is raising funds for XXX
The School/College do not endorse these service providers.