The world of sports has seen a major trend in recent years: athletes who have achieved success in their careers are no longer satisfied with simply “getting the shoe deal.” Instead, they are taking the entrepreneurial route by becoming more involved in the business world. This shift has taken athletes from gaining an endorsement from a major company to full-fledged ownership of a product and major strategic investment, as they aim to stake their claim as business owners.
With their faces and names on the line, today’s sports heroes are using their star power, leadership skills, and the cash from their playing contracts to become their own boss. In this article, we look at how athletes are creating their own brands and using business strategies to ensure success, with the hopes that they can continue to grow long after their playing careers are over.
The Transition from Athlete to Entrepreneur
When most people think about their favorite sports star, entrepreneur may not be the first word that comes to mind. After all, many are used to seeing these men and women performing amazing stunts on the field, court, or golfing range.
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These days, athletes often begin their transition to entrepreneurship while they’re at the peak of their careers, which means fans may still be placing bets on how they’ll perform as they seek to build their businesses and secure their post-retirement futures. Some names that come to mind include Lebron James and Serena Williams, both of whom have used their high profiles to undertake ventures in fashion and other industries.
The same qualities that have made athletes successful in their sporting careers will serve them well in business.
Key Areas of Business Investment
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Athletes have realized the importance of diversifying their portfolios and are now venturing into tech startups, real estate, fashion, and health and wellness, sectors that offer high returns and align with the personal interests and public personas of the stars. Kevin Durant has invested millions in a number of tech companies and has proven an adept venture capitalist with a good eye for promising startups. Venus Williams has parlayed her love of design into a successful post-career venture, as her V Starr Interior Design has become one of the most respected firms in the business.
But these are not simple personal financial moves. Stars’ decisions to enter these markets and the subsequent success have a massive effect on those industries as a whole.
The presence of sports stars in these sectors provides a unique mix of celebrity influence and investment capital that can dramatically accelerate the growth of young firms and small businesses. The media attention that comes from a top athlete investing in a startup usually leads to inquiries from other potential investors. The credibility that comes along with being mentioned in the same breath as A-List athletes can give cover to fledgling brands looking to make inroads in the market.
The decision by savvy stars to back projects that speak to them and their off-field passions is the perfect advertisement for how personal branding and professional success can lead to profitable business endeavors. This serves as clear motivation for other athletes and public figures in positions of power to follow suit.
Challenges and Opportunities
Transitioning from the field, court, or ring to the boardroom is not an easy endeavor for any athlete. Many of the challenges result from their lack of direct business experience. As a result, entrepreneurship can be tough.
When playing a professional sport, finding enough hours in the day to run a business is challenging. However, athletes also have distinct advantages when it comes to business: They’ve built up a fan base that few entrepreneurs can match. Athletes have their own set of marketing strengths and their products tend to be a lot more accessible to their fans.
A few social media posts or some public appearances and their newest ventures are well on their way to market visibility and customer engagement. Further, there is the invaluable discipline, resilience, and strategic-thinking that any sports player gains throughout their career. When every Sunday is “do or die,” players get pretty good at problem-solving. Their networks are also distinctly well-suited to launching a business.
Athletes often have a network of friends and colleagues who are industry insiders or affluent individuals. This comes in handy when trying to get into traditionally closed doors, as is often the case in exclusive investment opportunities. These are just a few examples of how athletes can get ahead; the complete list is definitely much longer.
The Role of Social Media and Personal Branding
In the digital era, athletes making the transition to business are realizing that social media and personal branding are powerful tools. Instagram, Twitter, and LinkedIn can offer athletes a direct line to both fans and potential customers. This can make it much easier to get the word out about what they’re doing in an authentic way.
Athletes can easily build a base of loyal customers who will have more affinity towards their brand. They are often more visible – thanks to their prior achievements and public persona – than the average Joe or Jane. However, it’s more important than ever for athletes to carefully manage their real and digital selves. In business – as in life – perception is reality and, in the digital age, it’s further and faster reaching than ever.
Are they being sincere in promoting their business, or are they just trying to make a buck? Is this something they’re genuinely passionate about, and will that make a fan want to get behind what they’re offering?
If athletes leverage their social media platforms in the right way, they’ll be able to turn up the volume on the business message they’re trying to get out, to reach a broader base and make it clear what their brand is and stands for. Doing so doesn’t just help the business that they’re involved in right now, but also helps to ensure their long-term success in the entrepreneurial world.
