What does this opportunity mean for you?
Name, image and likeness (NIL) is a person's personal brand.
NIL legislation allows student-athletes to profit off that brand in a variety of ways.
Step into the knowledge hub of the NIL Resource Center and unlock a wealth of valuable resources and tips in our comprehensive library!
What Does This Opportunity Mean for You?
Here ate the basics:
Student-athletes can now pursue opportunities based on their name, image, and likeness. This is a chance to explore uncharted terrain in college sports by collaborating with businesses across industries. This is a significant shift that could impact not only the next four years, but the rest of your life.
For all incoming and current student-athletes in all sports, all three NCAA divisions have adopted a uniform, interim policy suspending NCAA name, image, and likeness rules.
The policy instructs member schools, college athletes, and their families as follows:
Individuals can engage in NIL activities that are consistent with the law of the state where the school is located. Colleges and universities may be a resource for state law questions.
Individuals can use a professional services provider for NIL activities.
College athletes who attend a school in a state without an NIL law can engage in NIL activity without violating NCAA rules related to name, image and likeness.
State law and schools/conferences may impose reporting requirements.
Cannot use intellectual property from your school (school name, logo, or your likeness in school uniform).
Making Your Mark
For student-athletes and students alike, NIL is an opportunity to make your mark!
Student-athletes should be looking to form a team of individuals who can assist you. Depending on how far you want to go with this opportunity, time management would be the most important aspect of it all.
Your team should consist of a/an:
Attorney – to read and negotiate contracts.
Accountant – for consultations regarding tax implications pertaining to your situation.
Brand Manager – to oversee your brand in the marketplace and help increase its value.
Advisor – someone who can be trusted to provide guidance and insight on business matters that you may be unfamiliar with.
Bonus Tip #1
Make sure you pay for business services and keep your invoices.
If you hire someone to design a logo, make sure you pay for it and that it belongs to you.
Bonus Tip #2
Utilize other students on your campus who may have a talent in graphic design, videography, social media, etc. Maybe you’re interested in starting a podcast and YouTube channel. You want to work with people who are able to assist you in getting things done.
Know Your Numbers
How many followers do you have? What is your engagement rate? How many views do you get per video? What are your audience demographics? Would your content be considered controversial or does it contain profanity?
Brands are interested in how you represent yourself and how aligning with you would help what they are looking to promote. Today’s brands have a variety of creators they can partner with, what makes you stand out?
If you are able to find a brand that wants to partner with you, make sure their message and/or product aligns with your image. Don’t be forced into something you don’t want to do or don’t feel good about. Always remember to be yourself. People follow you for being you.
Getting Down to Business
You don’t need to incorporate a business to take part in NIL.
The simplest and most typical structure for starting a business is a sole proprietorship.
A sole proprietorship is an unincorporated company owned and operated by a single person, with no distinction made between the company and the owner.
You are entitled to all earnings and are accountable for any debts, losses, and liabilities incurred by your company. This may be a good place to start for you if you lack financial resources to incorporate your business and want to see how well NIL opportunities are.
If you want to keep your personal and business affairs separate, which is encouraged for protection in case someone wants to file a lawsuit against you, then a Limited Liability Company may be the best option for you.
A limited liability company (LLC) is a state-created legal entity. An LLC is distinct from its owners, who are referred to as members. Members are not individually liable for business debts and obligations. Instead, the LLC is responsible.
If your LLC is sued, your personal assets are regarded "hands-off" when it comes to commercial debt collection or other claims. Creditors rarely have access to your home, car, or personal bank accounts. There is no distinction between you and your business in a sole proprietorship. All of the gains, as well as all of the debts and liabilities, are yours.
You must maintain banking records distinct from your own personal records and funds in an LLC. If you break this regulation, you may lose your limited liability protection.
Time Management
Being a student-athlete while studying and working is a tough task. As athletes, you must manage an enormous amount of physical and mental stress. Not only do you carry the weight of the entire university's school spirit on your shoulders on a seasonal basis, but you also have to maintain a high GPA in order to be eligible to play your sport. This does not entail adhering to the physical demands necessary to maintain your athleticism.
So how can one balance their sport, academics, a social life and now potentially thinking about ways to utilize new marketing opportunities?
You want to plan out your day and look at your schedule.
There is no such thing as having one goal. We all have many things we want and need to accomplish. Every goal you establish for yourself necessitates the completion of a previous goal in order to proceed to the next. Because it isn't easy, it might be daunting for some. That's why keeping track of all your objectives is so much easier. So make sure you are investing your time wisely.