The introduction of Name, Image, and Likeness (NIL) rules in college sports has opened up opportunities for student-athletes to earn compensation from their talents and hard work. However, navigating these rules can be tricky, especially for young athletes and their parents who are not familiar with the legal and financial aspects of the sports industry. We've seen this play out in women's college basketball with the Cavinder twins who play at the University of Miami recently being part of the NCAA's first NIL ruling around their recruitment to the university.
In this blog post, we will discuss some tips on how parents and young athletes can work together to navigate NIL rules in sports and identify local opportunities and partners to monetize their talents, even without a large social media following.
Understand the Basics of NIL Rules
One of the most important steps in navigating NIL rules is to first understand what they are and how they work. In simple terms, NIL rules allow college athletes to profit from their name, image, and likeness.
This means that student-athletes can earn money from endorsements, sponsorships, and other deals related to their athletic abilities. However, there are certain restrictions and guidelines that need to be followed to ensure compliance with NCAA regulations. Unfortunately, it's not like there's one simple rule that you need to follow.
It is essential for parents and young athletes to learn about the specific NIL rules and regulations in their state and school. You can consult your school's compliance office or seek advice from a sports attorney or agent to understand the legal and financial implications of NIL deals. This is a rapidly evolving space without a lot of certainty yet, so a cautious and deliberate approach is likely to lead to positive outcomes. It's important to keep up-to-date on any changes or updates to NIL rules.
While some states have passed laws that allow athletes to profit from their NIL, other states have not yet passed such laws. It is important for parents and athletes to understand the laws in their state and to ensure that their actions are in compliance with those laws. If this opportunity isn't available to you in your state yet, that doesn't mean it will never be available. It's never too early to start thinking through the process of setting yourself up for success when the laws change in your state.
Build a Strong Online Presence
One of the most effective ways to leverage NIL opportunities is through social media. Even if a young athlete does not have a large following, they can still build a strong online presence by creating engaging content, collaborating with other athletes or brands, and using relevant hashtags and keywords. Brands are looking for great personalities who make engaging content just as much as they are looking for large follower counts.
Parents can help their children create and manage their social media accounts, and ensure that they are portraying themselves in a positive and professional manner. It's important to note that building a strong online presence takes time and effort. Athletes should focus on creating high-quality content that showcases their skills and personality, rather than solely focusing on promoting products or services. Additionally, they should be aware of any potential conflicts of interest and avoid promoting products that may be in conflict with NCAA regulations.
Identify Local Opportunities and Partners
While national brands and companies may be out of reach for young athletes without a large social media following, there are still many local opportunities and partners that can help them monetize their talents. Parents and athletes can identify local businesses, sports clubs, and charities that are interested in partnering with athletes.
When identifying potential partners or sponsors, it's important to consider the values and goals of both parties. Athletes should seek out partners that align with their interests and goals, as well as those that can help them grow their personal brand and reputation. Local businesses may be more interested in sponsoring athletes from their own community, and may be more willing to offer opportunities to athletes who have a strong connection to the community.
Other Things To Consider
In addition to the tips mentioned above, there are other ways that parents and young athletes can navigate NIL rules in sports. For example, they can attend workshops or webinars to learn more about the latest trends and best practices in NIL monetization. They can also network with other athletes, coaches, and industry experts to gain valuable insights and advice.
Another important aspect to consider is the role of agents and advisors. While they can provide valuable guidance and support, it's important to carefully vet potential agents and advisors to ensure that they are reputable and have the athlete's best interests in mind.
Parents and athletes should also be aware of any potential conflicts of interest and ensure that they are working with agents and advisors who are in compliance with NCAA regulations.
Overall, navigating NIL rules in sports requires a proactive and informed approach. By staying informed about the latest regulations and trends, building a strong online presence, and identifying local opportunities and partners, parents and young athletes can make the most of these new opportunities and pave the way for a successful career in sports.