Over the past few weeks, I’ve covered several topics related to NIL. For this blog, I want to break down the key steps athletes should follow to successfully navigate the often-confusing world of NIL.
Step 1: Prepare for NIL Deals
As I mentioned in a previous blog post, “What Makes an Athlete Marketable?”, building a strong personal brand is essential. Before even thinking about NIL opportunities, athletes should focus on establishing their brand on social media.
Show that you’re a hardworking, motivated individual with a positive image, but don’t be afraid to let your true personality shine through. Authenticity resonates with audiences—and brands are looking for athletes who are relatable and real.
Once you’ve established a brand, you’re proud of, it’s time to create an NIL strategy. Develop a roadmap that outlines your goals, identifies your target audience, and estimates potential income streams. This process will help you determine what types of NIL deals best align with your personal brand. For example, would a partnership with Bass Pro Shops or an energy drink company like Alani suit you best?
Finally, you’ll want to assemble a team of professionals—agents, attorneys, and possibly marketing firms—who can guide you safely through the NIL landscape. Ask coaches and teammates about references for attorneys and agents. Your agent will handle much of the off-the-field work so you can focus on excelling in your sport. Your attorney will protect your interests by reviewing contracts and ensuring compliance with NCAA rules and regulations.
Step 2: Operate Your NIL Business
Once you’ve laid the groundwork, it’s time to evaluate NIL offers carefully. Don’t just focus on the financial side—think about how a partnership might impact your audience. Will your followers be excited, annoyed, or indifferent about a particular brand? Could a deal cost you followers in the long run? These are important questions to consider beyond immediate financial gain.
With your agent and attorney, review the terms of any NIL agreement thoroughly. Ensure the compensation and contract length meet your expectations and serve your long-term goals. Always read the fine print. For many athletes, these deals are the first contracts they’ve ever signed—so it’s critical to understand exactly what you’re agreeing to.
Most importantly, make sure the NIL deal complies with NCAA rules to avoid jeopardizing your eligibility. That’s why having a trustworthy attorney is so important—someone who has your back and your best interests at heart.
Step 3: Master Your Finances
Once you’ve secured NIL deals that align with your brand and audience, it’s time to focus on the financial side of things. Even with an attorney and marketing team supporting you, it’s important to educate yourself about personal finance and budgeting.
Understanding how to manage your NIL earnings wisely can set you up for long-term success. After all, as much as you love your sport, you won’t be able to play it forever. That’s why it’s essential to think beyond your athletic career.
Set long-term goals and develop a plan to continue growing your personal brand—even after you’re playing days are over. NIL is not just about short-term gains; it’s an opportunity to build a foundation for your future. Consider getting a financial advisor to help get you through.
The world of NIL can be overwhelming, filled with new terminology and challenges. But by following these steps, you’ll be better equipped to navigate the NIL landscape confidently. NIL is a privilege for today’s student-athletes, and it’s an opportunity that should be embraced and maximized. Be careful and always remember, your personal brand is just as important as how you play on Saturdays.
Jack Erskine 