Preparing Student Athletes for Entrepreneurship: Harnessing Social Media and Monetization Potential
With the recent changes in NCAA regulations allowing student athletes to monetize their name, image, and likeness, the future of student athletes is poised for significant transformation. As social media platforms continue to provide unparalleled opportunities for young influencers to generate income, it is crucial that student athletes begin preparing now to maximize their potential. Here are actionable steps and insights from industry experts to guide student athletes, both at the collegiate and high school levels, in embarking on this new entrepreneurial journey.
Start Today: Monetization Opportunities on the Horizon
Despite the pending implementation of new regulations, student athletes have already been leveraging social media to build their brands and estates. According to recent California legislation, student athletes will soon be able to profit from their name, image, and likeness beginning in 2023. This development has prompted a shift in focus, with social media being positioned as one of the earliest and most accessible entry points for generating revenue.
HireInfluence and August United, recognized leaders in the influencer marketing space, recommend that student athletes start preparing now. Stephanie Stabulis, vice president and senior strategy director of HireInfluence, emphasizes that high school athletes may benefit the most due to the extended timeframe until new rules are fully implemented.
Mae Karwowski, founder and CEO of August United, echoes Stabulis's sentiment, advising students to begin their preparations early. However, Tyler Farnsworth, founder and chief growth officer at HireInfluence, cautions against prioritizing social media platforms at the expense of other responsibilities. High school student athletes are already juggling numerous commitments, including classes, practices, games, and college recruiting. Maintaining a balanced approach is essential.
Key Considerations for Student Athletes
Building Authentic Vride and Brand: The foundation of any successful social media presence lies in building an authentic and consistent brand. Student athletes should focus on creating genuine content that resonates with their audience and reflects their personal brand. This can be achieved through collaborations, sponsored posts, and authentic storytelling.
Networking and Building Relationships: Building a network of supporters and potential partners is crucial. Connect with other influencers, brands, and industry professionals to establish relationships that can translate into opportunities. Social media offers a platform to engage with these networks and showcase one's value.
Learning and Education: Stay informed about the latest trends in social media and business. Take courses, attend workshops, and seek mentorship to build the necessary skills and knowledge. Understanding the digital landscape and the business side of social media is essential for long-term success.
Actionable Steps for Student Athletes
Create a Strong Online Presence: Establish a professional profile on major social media platforms. Share content consistently and engage with your audience. Use hashtags, create playlists, and leverage stories and IGTV to keep your content fresh and engaging.
Explore Sponsorship Opportunities: Reach out to brands that align with your values and interests. Provide sample content to show your reach and engagement, and negotiate terms that benefit both parties. Sponsors can provide financial support and opportunities to expand your audience.
Participate in Influencer Programs: Many companies have influencer programs that allow you to earn money by promoting their products or services. Participate in these programs to earn additional income and gain exposure to new brands.
Create Authentic Content: Focus on creating content that genuinely reflects your personality and passions. Authenticity is key in building a loyal following and establishing yourself as a credible influencer.
Build Enduring Brand Partnerships: Seek out partnerships with brands that resonate with your values and that can help build a sustainable career in the long term. Long-term relationships can lead to more significant opportunities and greater financial rewards.
Conclusion: Embracing the Future of Student Athletes
As the landscape of student athletics evolves, it is imperative that student athletes embrace the new opportunities and prepare for the entrepreneurial journey ahead. With the right strategies and a clear understanding of the digital landscape, student athletes can harness the power of social media to become influential voices and successful entrepreneurs. By starting today, staying authentic, and building strong networks, student athletes can position themselves for success in the exciting world of name, image, and likeness monetization.