Entrepreneurship
Entrepreneurship can be a great way to earn a living (NIL or otherwise), save on taxes, and build generational wealth. If you’re thinking about launching a company of your own, here are some tips/resources that could prove helpful to you.
Guidance for Student Athletes with NIL Businesses that Leverage Brand Partnerships
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Take your brand seriously and treat it as a business
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Figure out what you want to be known for, but be authentic
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Be thoughtful about which social media platform will be your primary one
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Determine your content strategy
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Understand how much time you realistically can devote to this. Don't bite off more than you can chew.
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Establish and use your "personal board of advisors"
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Act strategically with your brand partnerships
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Utilize your existing resources. For student-athletes, they may be your University resources, professors, fellow students, alumni, friends of the Athletic Department, etc.. For pros, they may include team personnel/leadership, agents, team/league resources, businesspeople around you, etc.
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Know what your IP (intellectual property) is and be certain it's fully owned by you
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Read and understand every word of contracts and ensure compliance with applicable laws and policies (particularly those from the Federal Trade Commission)
General Process for Starting a Business​
(Source: U.S Small Business Administration)
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Conduct market research to understand the market and potential customers and competitors​
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Craft your business plan
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Identify your sources of funding and secure them (could be on an as-needed basis)
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Select your business location (physical and/or virtual)
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Select the appropriate business structure. For NIL and other side businesses, an LLC could make sense in many cases.
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Determine your business name and website URL. Make sure you check that both are unique.
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Register your business to make it legal, and secure your federal and state tax IDs
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Apply for any licenses/permits required based on the type of business you're creating.
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Open a business account. This is particularly important for tax purposes -- you need to show that your business finances are fully separate from your personal.
You also need the right tools to efficiently manage your business
