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It's nary concealed that being an elite jock successful the U.S. is simply a badge of honor. The brands we each subordinate pinch the eventual successful quality determination and imaginable aren't conscionable the Olympic and Paralympic rings anymore; it's the leagues, teams and sports franchises — for illustration Nike and The North Face, the NFL and the NWSL, the Denver Nuggets and the Texas Longhorns — that seizure our hearts, minds and ultimately, our time.
But astir athletes do not scope the fame and luck that we, arsenic Americans, presume they do. When the medals are tucked distant successful the impermanent room closet and the spotlight shifts, for excessively galore athletes, what awaits is an unforgiving reality: meager pay, scant support and a precarious financial future.
In fact, 58% of athletes crossed 48 countries do not see themselves financially stable. And, the mean master athlete's salary successful the U.S. is astir $50,000 per year, but this fig is mightily skewed by a fistful of large earners. Many pro athletes make acold less, particularly successful sports for illustration swimming, gymnastics and way and field, which, by and large, aren't arsenic lucrative arsenic nationalist fan-favorite pastimes for illustration football, hoops and action sports. Take that down different notch for much obscure sports for illustration handball, archery, fencing and cycling — and moreover worse for para athletes.
This intends athletes person little power of their financial mobility than astir moving professionals, creating havoc wrong their sport, their slope accounts and their minds.
Related: The Secrets of a Former NFL Player's Journey to Entrepreneurship
How athletes tin thrive by reasoning for illustration a startup
Professional and collegiate athletes person agelong been trained to cleanable their game, but successful today's ever-evolving sports landscape, athletes who deliberation beyond contracts and scholarships and commencement operating for illustration startup founders — moving and owning their ain one-person endeavor — fare acold better successful the agelong run.
In a way, athletes already person the halfway ingredients of a successful startup: a unsocial merchandise (their diversion talent), an assemblage (fans, sponsors and societal media followers), and marketplace imaginable (endorsements, partnerships aliases post-career ventures). Yet, astir athletes don't recognize they request to tally their careers for illustration a business.
Like immoderate startup founder, the cardinal is reasoning astir semipermanent marque equity, customer (fan and sponsor) retention and sustainable growth. By shifting to an entrepreneurial mindset, athletes tin alteration this trajectory.
The powerfulness of the individual brand: From NIL to nett worth
The advent of NIL authorities successful collegiate sports has fixed athletes the opportunity to monetize their name, image and likeness for illustration ne'er before. According to a study by Opendorse, the NIL marketplace reached complete $1.2 billion, and for 2024-2025, it is projected to scope $1.67 billion. This isn't conscionable astir signing autographs aliases appearing successful commercials — athletes tin now create content, commencement businesses and create individual brands that will past agelong aft their diversion careers are over.
Take Olivia Dunne, for example. At LSU, she became 1 of the highest-earning assemblage athletes, pinch an estimated NIL valuation of $3.5 million. Dunne didn't execute this by conscionable being a bully gymnast — she built a monolithic societal media pursuing and leveraged that to unafraid partnerships pinch awesome brands for illustration Vuori and American Eagle. Dunne embodies what it intends to deliberation for illustration a startup founder, turning her athletics into a level for semipermanent financial success.
Building affectional and profession information done entrepreneurship
Athletes often look a harsh reality: Their careers are short, and the affectional toll of retiring from a athletics they've dedicated their life to tin beryllium devastating. A study by the Journal of Applied Sport Psychology recovered that athletes who attraction connected entrepreneurial ventures during their careers are 35% much apt to acquisition affectional fulfillment post-retirement. This is mostly because they've shifted their personality from conscionable being an jock to being a business owner, personification who is successful power of their destiny.
Take Serena Williams. Sure, she's 1 of the top tennis players of each time, but she's besides a startup founder, task capitalist and marque builder. Williams has created Serena Ventures, which focuses connected investing successful businesses that beforehand diversity. By building this entrepreneurial foundation, she's not only secured her financial early but besides her affectional 1 — transitioning retired of tennis didn't mean the extremity of her personality but alternatively the improvement of it.
Related: 10 Things College Athletes Should Consider When Building a Business Based connected Their Own Personal Brand
Making smart business decisions
In the entrepreneurial world, smart founders situation themselves pinch advisors and experts to thief make captious business decisions. Athletes request to deliberation similarly, treating themselves arsenic the CEO of their one-person startup. Surrounding themselves pinch business managers, branding experts, financial advisors and ineligible counsel tin guarantee their marque remains protected and grows.
For lesser-known athletes, this strategy useful conscionable arsenic good arsenic for the A-listers. Paralympic way jock Blake Leeper has developed a individual marque astir inclusivity, activism and his travel arsenic a double amputee athlete. Leeper has forged partnerships pinch companies for illustration Nike, contempt not having the mainstream visibility of immoderate of his peers. His approach? Treating his individual communicative arsenic a business pinch a unique worth proposition.
Diversifying gross streams: Why athletes request aggregate "products"
In the startup world, diversification is key. A institution that only relies connected 1 merchandise aliases gross watercourse is often doomed to neglect erstwhile marketplace conditions shift. The aforesaid goes for athletes. While endorsement deals and prize money are great, athletes request to diversify their income sources — for illustration starting a podcast, launching a statement of merchandise aliases creating a YouTube channel.
The reality of the American athlete: Hustle harder
Platforms for illustration OpenDorse and IconSource person emerged to thief athletes unafraid much sponsorship deals, but these opportunities still require a changeless hustle. It's not uncommon for athletes to cobble together respective mini deals conscionable to salary their bills, adding intelligence and logistical strain to their already demanding training schedules.
Get an supplier to agent your sponsor deals? Easier said than done. In theory, sponsorships and partnerships springiness the financial powerfulness backmost to the athlete. But, successful reality, those opportunities spell to athletes who person agents — a scant 14% of athletes — aliases those who get a burst of attraction aliases person a fortunate media moment.
Add to that the beingness and affectional toll of elite competition, and it's nary wonderment truthful galore athletes acquisition post-career depression. The excitement of the world shape is fleeting, but the financial pressures and media invisibility betwixt events remain.
A blueprint for jock entrepreneurs: How to commencement building you arsenic the startup
Sure, the strategy whitethorn beryllium stacked against them, but athletes who take to return power of their individual marque and financial early person a monolithic upside — unchangeable income that tin withstand the ebbs and flows of the world title media cycle.
If you're an athlete, present are 5 cardinal steps to return to return ownership of your future:
1. Leverage societal media:
Athletes are now indisputably the look of sports, teams, leagues, brands and organizations. Storytelling has go the apical accomplishment that marque partners activity retired successful each jock partnership. Additionally, athletes person nonstop entree to fans for illustration ne'er before. Giving fans entree to behind-the-scenes training, individual anecdotes and unsocial perspectives keeps fans willing — and sponsors invested.
Pro tip! Offer exclusive content: Creating a paid rank exemplary aliases exclusive contented for fans allows athletes to monetize their experiences and foster a much engaged following.
2. Create a signature story:
Athletes who attraction connected storytelling and processing an off-the-field marque during their profession are 4 times much apt to unafraid media aliases business roles aft retiring (McKinsey & Company). This is why authenticity is simply a buzzword. Crafting a communicative that aligns pinch who they are — beyond conscionable their athletics — tin pull partnerships pinch brands that resonate pinch their individual journey.
Pro tip! Sharing their travel successful a longer format helps athletes go thought leaders successful their sport, opening doors for speaking engagements and much contiguous opportunities. Platforms for illustration podcasts and public speaking engagements are a awesome measurement to show their afloat story, not conscionable the 1 the media has written. Also, schools, corporations and conferences are ever connected the lookout for powerful voices.
3. Collaborate pinch emerging brands and partners:
Big-name sponsors whitethorn beryllium difficult to partner with, but smaller, niche brands are often eager to partner pinch athletes to scope caller audiences. Get this: 94% of top-earning athletes globally property astir of their income to endorsements, pinch storytelling arsenic a cardinal differentiator.
Pro tip! Partner pinch cause-driven organizations: Aligning pinch charitable causes aliases societal effect initiatives tin summation an athlete's visibility while supporting causes they profoundly attraction about.
4. Maximize platforms for illustration OpenDorse and IconSource:
While platforms for illustration these tin consciousness overwhelming, they tin besides beryllium leveraged strategically to create sustainable, meaningful partnerships some connected and beyond the app.
Related: 6 Ways Olympic Athletes Can Leverage Their Journey to Build a Profitable Brand
The lines betwixt athlete, entrepreneur and influencer are much blurred than ever before. With the emergence of NIL, societal media and jock empowerment, location has ne'er been a amended clip for athletes to run arsenic their ain business. Whether you're a high-profile prima aliases a lesser-known athlete, reasoning for illustration a startup laminitis tin unfastened the doorway to long-term financial stability, affectional fulfillment and profession longevity. In the end, athletes are much than conscionable their athletics — they're a brand, a business and, pinch the correct mindset, a startup waiting to thrive.