I've never worked in a bike shop, for profit or otherwise, but I have managed volunteers for quite some time.

1: know your demographic. what kind of bikes do the students have. Pay attention as you ride around the campus, keep track. You'll probably find that there are about a thousand different types.
2: have the TOOLS available. most generic stuff will do, but make sure you have metric everything, and a stand for each tech.

3: keep as many parts available as you can. Tubes and tires will be the most common, etc etc etc...

mostly, underpromise and overdeliver. If you don't know what you're getting into, tell the customer it will be a while waiting on parts. but make sure you order the parts as soon as you can. Keep a good relationship with your suppliers so that you can get your students back on the road as quick as possible. Tell them it's going to take at least twice as long as it will take, that way you don't have to rush, and your customers will always be pleased.

good luck.