The new year is a great time to take a look at NIL earning opportunities. Taking time to review, plan, learn, along with other steps can help you build your brand and grow your earning potential. Just like you’d set new years resolutions as an athlete (for example, improve your shot, working on your quickness, fixing your GPA, etc.) setting goals for your business is a great way to organize your efforts and keep great momentum going in the new year. Below are a few NIL goals athletes can set in the new year to set themselves up for financial success.
NIL Goals Athletes Can Set in the New Year
Build a Strong Personal Brand.
- Is your brand authentic? If you haven’t spent time focusing on your brand, the new year is the perfect time to do it. Make time to develop a unique personal brand that reflects your values and personality. Not sure where to start? These questions can help get you started.
- What is your visual identity? The new year is also a great time to create a logo that you like. Create a professional logo and consistent visual identity for social media.
Enhance Social Media Presence
- Create goals. The new year is a great time to set goals and figure out your strategy on social media. Establishing your presence via social media is a great way to expand your reach and gain new followers, garner new business exposure, and keep your existing community engaged. Set a goal for the number of posts per week to maintain an active presence.
- Stay connected. Engage with fans and followers by responding to comments and messages. Staying connected can help you grown an authentic fan base of loyal followers.
Content Creation
- Create a calendar. Plan a content calendar for the year, including behind-the-scenes footage, workout routines, and lifestyle content. Creating a calendar or plan can help you stay organized and help diversify your content.
- Consider collaborations. Work with different industry professionals such as photographers, videographers, or content creators for high-quality visuals.
Networking and Partnerships
- Network. Attend industry events and network with fellow athletes, sponsors, and influencers. If you’re working with a limited schedule or budget, focus on local events, such as events at your school or in your surrounding city.
- Seek out brands. Seek potential brand partnerships that align with your values and image. Start by making a list of companies that you would like to work with, and note reasons why working with them would be mutually beneficial (meaning a partnership would benefit both you and them.)
Merchandise and Apparel
- Start a product line. Have you ever considered launching your own line of merchandise? The new year is a great time to reconsider this business move. Launch your own line of merchandise or collaborate with established brands.
- Do your research. As you grow your business, it’s important to do your research by ensure the design reflects your personal brand and is appealing to your fan base. This might mean creating mock up designs, asking friends and family for their honest feedback of your products and creating multiple samples to see what designs are received well amongst your potential customers.
Educate Yourself on NIL Regulations
- Do a quick refresh. It’s important to stay informed about the latest NIL regulations and opportunities in your sport. Rules and regulations are constantly changing, so it’s important to stay on top of the latest information and actions that are permissible within the NCAA.
- Work with a pro. At a small cost, you can work with a professional to help you take the guess work out of legal, accounting, and other business matters. Consider consulting with professionals to maximize your earnings within the legal framework.
Community Engagement
- Give back. There is no greater feeling than giving back. Working in the community and making the time to contribute can help give you perspective, keep you humble and help remind you want’s important in life. Giving back to the community through charity events, volunteer work, or mentorship programs.
- Share your good deeds. Sharing your community work isn’t just a great way to build your brand, but it can help other community organizations see the great work you do. Showcase your involvement on social media to highlight your commitment to social responsibility.
Financial Literacy
- Learn the basics. It doesn’t matter how much you earn through NIL opportunities, part time work, or other business ventures. If you don’t know how to manage your money, you will miss so many opportunities to maximize your earnings. Invest time in understanding personal finance and investment opportunities.
- Hire a pro.Outsourcing certain tasks can ensure you’re focusing all of your time on growing your NIL earning potential. Consider working with financial advisors, professionals who can help you make informed decisions about your earnings.
Diversify Revenue Streams
- Mix it up. There is nothing wrong with sticking to one business model, especially if your time is limited as a student-athlete. However, if you’ve always considered branching out or expanding your business, make time in the new year to explore opportunities beyond traditional sponsorships, such as podcasts, YouTube channels, or online courses.
- Take inventory of your skills. One very easy way to make money off of your NIL is to tap into existing skills and profit off of them. Identify potential revenue streams that align with your skills and interests.
Continuous Improvement
- Ask questions. It’s always good practice to seek feedback from fans and sponsors to identify areas for improvement. As you grow your brand and your business, being able to have knowledge of whats working, what isn’t working, and how you can improve will help you grow.
- Be open to change. I feel really bad for people who aren’t open to learning new things or won’t acknowledge or embrace change. Stay adaptable and be willing to evolve your brand strategy based on feedback and changing trends.
As an athlete at the collegiate level, you have a very short window to earn money off of your NIL. NIL opportunities can turn into long term business opportunities, especially if you have a solid plan and stick with it. The new year is a great time to take inventory of what you’re doing, what’s working, and what you can do to improve your business. It’s also important to set realistic goals, and remember that success happens with a lot of dedication, hard work and trust in the process.