NIL has given athletes unprecedented control over their personal brands, creating exciting opportunities for entrepreneurs in this space. For college and former athletes seeking to maximize their potential, working with knowledgeable professionals is essential. Starting a business in the NIL space allows you to amplify athletes’ stories, enhance their public image, and secure profitable partnerships. However, success requires a strategic approach—avoiding common pitfalls and embracing best practices that prioritize both the growth of your business and the success of your clients. By focusing on helping athletes thrive, you can build a business that truly makes an impact.
How to Help Athletes Tell Their Story
At the heart of every strong athlete brand is an authentic story. Professionals can:
- Discover the Unique Narrative: Work with athletes to uncover what sets them apart. Is it their upbringing, challenges they’ve overcome, or their passion outside of sports?
- Example Resource: Create a personal brand workbook that includes prompts for athletes to reflect on their life story, core values, and goals.
- Leverage Digital Platforms: Help athletes create engaging content for social media, blogs, or podcasts that showcases their journey.
- Example Resource: Put together a social media content calendar template to plan posts around key milestones, achievements, and partnerships.
- Highlight Core Values: Align partnerships with brands that share an athlete’s values, ensuring authenticity resonates with their audience.
- Example Resource: A brand alignment checklist to evaluate potential partnerships based on the athlete’s core values and long-term goals.
Pitfalls to Avoid
Navigating NIL requires avoiding common mistakes, including:
- Inauthentic Partnerships: Pairing athletes with brands that don’t align with their values can harm credibility.
- Example Material: A guide to evaluating partnership opportunities, including red flags to watch for and questions to ask during negotiations.
- Overextending the Brand: Signing too many deals can dilute an athlete’s image and make them appear overly commercialized.
- Example Tool: A sponsorship tracker to help athletes and professionals manage and prioritize active partnerships.
- Neglecting Long-Term Strategy: Short-term gains are tempting, but a sustainable brand requires strategic planning and consistent growth.
- Example Resource: Compile a goal-setting worksheet for athletes to map out their 1-year, 3-year, and 5-year personal and professional objectives.
Best Practices for NIL Professionals
- Understand the Legal Side: Familiarize yourself with NIL laws and regulations to ensure compliance.
- Example Material: Hold onto a summary of state-by-state NIL regulations or a list of trusted legal professionals specializing in NIL.
- Focus on Education: Teach athletes about financial literacy, including taxes, budgeting, and saving.
- Example Resource: This is clutch. Have a playbook, or ‘financial literacy guide’ tailored for athletes, covering topics like managing income from partnerships and setting aside money for taxes.
- Prioritize Quality Over Quantity: Guide athletes to pursue fewer, high-quality partnerships that align with their goals.
- Example Tool: Creating a decision matrix for evaluating potential deals based on financial benefit, time commitment, and alignment with personal brand values will get your clients the most bang for their buck.
Additional Resources Professionals Can Provide:
- Media Kits: professionally designed documents with the athlete’s bio, stats, achievements, and brand partnerships to share with potential sponsors.
- Content Creation Guides: tutorials or checklists for filming engaging TikToks, Instagram Reels, or YouTube videos.
- Email Templates: pre-written outreach templates for athletes to connect with brands, agencies, or potential collaborators.
- Pitch Decks: customizable slide decks for athletes to showcase their brand story and potential ROI to sponsors.
- Workshops/Webinars: interactive sessions on topics like personal branding, public speaking, or negotiation skills.
Building a business in the NIL space requires a blend of creativity, strategic thinking, and authenticity. By helping athletes tell their stories, avoiding common pitfalls, and adhering to best practices, professionals can create lasting impacts on athletes’ lives and careers. Providing tools like content calendars, sponsorship trackers, and financial literacy guides can empower athletes to maximize their NIL potential while setting them up for long-term success.