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: 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: 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: compile 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.
- Overextending the Brand: signing too many deals can dilute an athlete’s image and make them appear overly commercialized.
- Neglecting Long-Term Strategy: short-term gains are tempting, but a sustainable brand requires strategic planning and consistent growth.
Best Practices for NIL Professionals
- Understand the Legal Side: familiarize yourself with NIL laws and regulations to ensure compliance. 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. 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. 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. 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.