Athletes are now building brands, creating many sources of income, and securing their financial future. Understanding how to make money as an athlete can also put you on this train.
This guide explores 15 ways to earn money as a pro or student-athlete. By the end, you should be able to use your unique skills and influence to your advantage.
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The New Game: Understanding How to Make Money as a Student-Athlete with NIL Deals
Athletes, especially college athletes, now have different ways to make money. The amateurism model is fading. Thereby creating new income opportunities beyond normal compensation. These changes mean you can build many income streams while still competing.
- The NIL revolution: The National Collegiate Athletic Association (NCAA) can’t prohibit education-related benefits. This is due to a Supreme Court ruling preventing the association. This ruling has provided an opportunity for athletes to profit from their Name, Image, and Likeness (NIL).
- Scholarship realities: The NCAA Division I and II schools award $2.9 billion in athletic scholarships yearly. However, the average scholarship is only $18,000. This means only 1% of student-athletes receive a full-ride scholarship.
- State-level changes: Several laws give student-athletes the right to earn money from their NIL. An example of such laws is California’s Fair Pay to Play Act, effective January 1, 2023.
15 Proven Ways for Athletes to Make Money
Now, let’s explain 15 ways to earn extra money with your athletic career.
1. Secure NIL Deals, Endorsements, and Sponsorships
NIL deals are the main source of income for a student-athlete. Professional athletes and Olympic athletes earn higher fees. But college athletes can also secure profitable deals.
- Seek endorsements: You can sign deals to endorse products or appear in commercials. Opportunities like this are available at local, national, and international levels.
- Variable value: The value of your endorsement deal often depends on winning. Paralympic swimmer Jamal Hill’s Speedo contract was around $110,000. However, he had to break 19 American records to get all its benefits.
- Creative sponsorships: You can make money from places you least expect. An example is when Flavor Flav sponsored the U.S. women’s water polo team.
2. Monetize Your Social Media Presence
Create genuine and engaging content to earn money online through your social media followers.
- Build a following: The first step is to build a loyal following. Elon University lineman Jabril Williams created relatable, funny content. This enabled him to gain 600,000 views on his “Linemanlations” TikTok series.
- Demonstrate reach: Next, check how far your content can reach. High school receiver Thomas McCoy grew to over 300,000 followers. This level enables him to earn about $6,000 per sponsored post.
- Partner with brands: Bobsled pilot Lauren Brzozowski partnered with brands using her 80,000 followers. This generated nearly 6.2 million views on content featuring one product. You must be consistent to make money on social media. You can share content like behind-the-scenes and training routines. You could also share personal insights that most people can’t get elsewhere.
3. Coach and Train Younger Athletes
Parents will pay for expert coaching to help their children improve. This option is particularly helpful as a side hustle during your off-season.
- Offer private lessons: You can earn a lot of money using an hourly rate. Former athlete Malcolm Lemmons trained young players and made up to $100 per hour.
- Average pay: A sports coach’s current average salary is around $22-$23 per hour.
- Find clients: Connect with clients on platforms like CoachUp.
4. Host Sports Camps to Inspire the Next Generation
Host sports camps or clinics during your off-season. Teach attendees the basics and share your passion for the sport.
- Group up: Partner with teammates to reduce the startup costs. You can rent a local gym or field together.
- High demand: Parents seek positive programs for their kids during school breaks.
- Proven model: Many high-level professional athletes and top athletes host clinics. These clinics have successfully attracted hundreds of kids.
5. Maximize Athletic Scholarships as a College Athlete
Scholarships cover important costs, removing the need to earn extra money. This coverage enables you to focus on building other income streams.
- Understand the tiers: Coaches share a set amount of funds among the team in “Equivalency Sports.” Meanwhile, “Head Count” sports (D-I football, basketball) often get full scholarships.
- Seek external aid: Apply for external awards to support your university scholarship. You can do this on platforms like Bold.
6. Get Paid for Speaking Engagements
Your athletic journey about teamwork and sacrifice is a compelling story. Many organizations are willing to pay to hear this story. Telling this story is part of learning how to make money as an athlete.
- Share your story: You can dictate the fees for speaking regardless of your level of fame or gold medal count.
- Build a career: Former University of Michigan basketball player Austin Hatch is a professional speaker. He has turned sharing his sports story into a full-time job.
- Find opportunities: Create time to speak at schools and corporate events. You can start locally and expand your reach.
7. Launch Your Own Brand or Business
Another option is to build your own brand. A business venture creates assets that will earn you an income even after your retirement. However, starting a business requires planning and commitment.
- Build an asset: Paralympic swimmer Jamal Hill created the Swim Up Hill Foundation. This company continues to thrive as his sports image expands.
- Get professional help: Hire a professional to design your logo and marketing materials. You can find experienced freelancers on platforms like Fiverr.
8. Become a Fitness Instructor
Host fitness programs to teach aspiring athletes. Your understanding of training sessions and athletic conditioning qualifies you to teach others.
- Work with fitness companies: Partner with a well-known fitness company. Rower Grace Luczak got a job recording workouts as an instructor for Hydrow, a connected rowing machine company.
9. Resell Gear and Other Items
Sell your extra gear or any item you find elsewhere for cash. This strategy requires little investment and generates immediate income from unwanted equipment.
- Sell your extras: Athletes often receive free shoes and apparel. You can sell these items on eBay or Facebook Marketplace if unused.
- Flip for profit: You can also find items at thrift stores or yard sales. These items can sell for a higher price than they cost.
10. Find Flexible Work in Your School’s Athletic Department
Working within the athletic department offers a flexible job opportunity. This is especially perfect for student-athletes with busy schedules.
- A perfect fit: These jobs are convenient and align with your practice and game schedule. This makes it better than regular part-time jobs.
- Gain experience: You can gain valuable knowledge in the business side of sports organizations.
11. Start a YouTube Channel or Vlog
Another way to connect with an audience is to document your journey. This way, you can also make money online with your brand through your social media skills.
- Share your expertise: Create content like reviewing sporting goods or vlogging about the life of an athlete.
- Monetize your audience: Over time, consistency will help you make money. Your channel can generate income through YouTube’s ad revenue program. You can also get direct sponsorships from companies seeking to promote products.
Create a website to support your video content. This provides more opportunities to earn money online and build your own brand.
12. Write About Your Athletic Experiences
Having a talent for storytelling provides paid opportunities. Writing about your career will help to build your reputation.
- Get published: Write for your school newspaper or local paper. You can also write for online platforms like Medium.
- Build your audience: Connect with your fans through your writing. Begin an email list using a tool like Kit. This way, you will be able to communicate updates, promote products, and create a following.
Start a WordPress blog to be in full control of your content and income opportunities.
13. Explore a Career in Real Estate
Real estate is a popular career choice for retired athletes. You can plan for a life after sports with this option. It also offers a high earning potential.
- A popular side hustle: Olympic gold medal winner Hunter Armstrong is a real estate agent part-time. However, it does not prevent him from competing and training at the Olympics.
14. Work as a Referee or Sports Official
Working as a referee or sports official keeps you in the game. You can earn money officiating competitions at various levels.
- Flexible and relevant: Paralympic soccer player Adam Ballou supported his income by working as a part-time soccer referee.
15. Perform as a Professional Entertainer
Participate in events to demonstrate your talent. You are able to earn income by doing live shows and entertainment bookings. This chance can be particularly useful among sportspeople who practice gymnastics or trampoline.
- Unique gigs: Trampoliner Logan Dooley played at galas and private parties. He was able to make a lot of money out of his special skills.
- Diverse talents: Some athletes, like Hunter Armstrong, even went into musical theater and magic.
Create a Digital Hub for Your Business
Understanding how to make money as an athlete is only one part of the journey. You will still need to create a professional website to launch a business or content brand. This site is your central hub for sales, content, and information. It will enable potential customers to find you.
You can take the easy way by using a website builder like Hostinger or IONOS. These platforms are best for beginners without any coding knowledge. You can even take it higher by adding more advanced features to your site. Explore the best web hosting options to help you build a powerful site with a platform like WordPress.
Conclusion
Now that you know how to make money as an athlete, you can work towards it. Your skills and experience give you capabilities that the world values. With dedication and proper planning, you should be able to access income opportunities.
Apart from these side hustles, you can try other ways to make money work for you.
Next Steps: What Now?
Follow these steps to make money:
- Identify skills that you excel at.
- Choose one or more options that suit this skill.
- Create a professional website to showcase your products or skills.
- Partner with a well-known sports brand.
- Sign a partnership agreement to secure the deals and your earnings.
- Keep developing your skills to access more opportunities.
Further Reading & Useful Resources
Here are more resources for you:
- YouTube Marketing: Learn how to create brand awareness with YouTube.
- Buying Domain Name: Learn how to buy a domain name for the right price.
- Make Money in the Fitness Industry: Explore ways to earn from fitness training.
- Start a Sports Blog: Learn how to create a sports blog that stands out.
- How to Create a Website: Check out our step-by-step guide for beginners.
