This day has been coming for a long time in collegiate athletics. The day where athletes can make money off their NIL, which stands for Name, Image, & Likeness. Up until now, any college student was allowed to pursue entrepreneurship – unless you were an NCAA athlete. Many athletes over the years have been punished for receiving any type of compensation. Sorry Reggie Bush! At least it sounds like you will be getting your Heisman Trophy reinstated.
If you’re a college athlete, or soon to be college athlete, or a parent of a collegiate athlete here are some important parts that you need to understand to cash out big on this new law.
#1 Your Play Will Pay
College coaches are probably not very enthusiastic about the new law passed by congress allowing athletes to make money off their NIL. Keeping young athletes’ attention on winning and the team is the top priority for coaches(AS IT SHOULD BE). These colleges might not be paying money to the players but they are paying for their scholarship and spot on the roster.
The last thing a college coach wants to deal with is athletes being distracted by money building their brand. Which brings me to this point: The BEST WAY to build your brand and cash-in on this new law is to do what you’ve been doing your entire life which is WINNING AT YOUR GAME.
Companies want winners. PERIOD. If a player is kicked off the team or suspended for being a distraction with off the field activities then their brand won’t matter that much. This new law should inspire athletes to be better with their sport because it will have an impact on their entrepreneurial career if they capitalize on building their brand.
“Make your team, college, family, and coaches proud of the influence you create off the field”
#2 Your Brand Pays Dividends For Years To Come
Every athlete sooner or later will have to hang up their uniform and retire. The goal of most collegiate athletes is to play at the next level. It’s important for athletes to remember that their name stays with them and affects whatever teams and companies, as well as other brands they are associated with.. We’ve watched countless stories over the years of athletes doing or saying things that left a bad taste in people’s mouths.
That in turn affected their next contract. The next contract may also be outside of sports. Tim Tebow has made a lot of money outside of sports because of his ability to create an awesome image/brand. Be cautious about what you’re putting out on social media and how it could possibly be tied to you.
Also, you need to be aware of what sponsorships your school is promoting. There may be some restrictions on what you can promote. It is your responsibility to know the guidelines and how they may affect you as an athlete now and in the future.
“Your brand is you and it can leave a powerful mark in the world”
#3 Your Team Off The Field Makes You Money
One of the most common thoughts about this new law passed is that it will be more of an advantage for bigger schools like Alabama, Notre Dame, Ohio State, and other teams that seem to get more national time then teams like Utah or Arizona. That’s an obvious thing to look at but not a key performance indicator. It’s like a business owner saying the reason they don’t make money is because they don’t have enough followers. Getting eyes on you is only a small part of success.
One of my friends Drew Manning who is known as the Fit2Fat2Fit guy went national overnight when he shared his journey of gaining weight on purpose to then lose it all again. He was on Dr. Oz, Jay Leno, and various other news stations. He later shared on a podcast that even though he made it big in the eyes of the world, his wallet did not make it big.
He didn’t know how to capitalize on the exposure because he didn’t understand branding, marketing, and business enough at that time. Drew said once he hired a team he was able to start making money from the exposure. The ball can be thrown to you, but you need the skills to haul it in and the ability to run it for a touchdown. It takes a TEAM to do their part, so you can do your part.
“It takes a team to win championships”
So, What’s the most important part of building a great brand name?
It’s about being memorable and remereded. The best way to be remembered is not the stats you compile in the game. It’s the story that has unfolded before the game even starts. It’s the personal experiences of the player’s journey. When people hear the journey of a person it connects them to a player in a deeper and meaningful way. Every player has a story of wins, losses, trials, and tribulations. The story inspires the masses.
Athletes are the modern day heroes. The fans want to hear about the hero’s journey. Whether that’s Tim Tebow faith based life or Tom Brady’s story of being drafted in the 6th round. These behind the scene stories become their brand or what’s known as “The Brand Story.” We connect, trust, and love people the more we hear their journey. Every business’s goal is to build connection, trust, and love. Your story helps do this for businesses and they are willing to pay for it.
Do you want to learn about the different ways to uncover your brand story and create residual income as an athlete?
Click the link below to schedule a FREE Brand Analysis and
Here is what we will accomplish in your session:
- Identify Your Unique Brand
- Uncover Strategies To Bring In Residual Income
- How To Leverage Your Social Media Account
- A Game Plan On How To Connect With Business Owners & Influencers
- How To Build Your Reputation & Your Brand
- How To Bring Out Your Story & Create Player Awareness
There is no sales pitch or commitment. Our goal is to support you moving forward in any way we can.
We look forward to talking to you soon.