As the second school year of the NIL era is about to begin, many collegiate student-athletes have taken advantage of the opportunities that have come with the ability to market their name, image, and likeness. In year two, college athletes should consider taking the next steps to advance their NIL activity. Here are four things to help take your NIL to the next level this year:
Enhance your Personal Branding by Creating a Logo
Creating a personal logo can help improve your brand recognition and marketability. Companies looking to sign college athletes to NIL deals always like to see that you are proactive in establishing your brand. A graphic designer can help you create a simple (but recognizable) logo that contains your name or initials and your number. After creating a logo, you can register a trademark with the U.S. Patent and Trademark Office to ensure that you have maximum legal protection. Having a registered trademark is also helpful for licensing purposes when you are signing NIL deals.
Work with a Marketing Agency
Hiring a marketing agency to secure NIL deals can help college athletes earn greater compensation and access a more diverse set of companies to work with. However, working with an agency can have long-term implications for athletes, their income, and their intellectual property. It is important to have a lawyer review any contracts that you sign with an agency, to ensure that you are getting a fair deal.
Host Camps and Provide Lessons
An effective way for student-athletes to capitalize on their NIL is by hosting camps and giving lessons. Although it requires more effort than a social media post, camps and lessons can create substantial income. Hosting a camp or giving private lessons may sound straightforward, but it will require some legal planning. Student-athletes may need to sign contracts with facilities, equipment providers, and event sponsors. Additionally, liability planning can include establishing a limited liability entity and creating a liability waiver for participants to sign.
Create an LLC
A smart way to protect yourself and your personal assets is through establishing an LLC or another type of legal entity with limited liability. Establishing a business entity can provide tax benefits as well as legal protection for your personal assets. As your NIL activity becomes more complex, an LLC becomes more beneficial.
It is more important than ever for college athletes to think long-term and big picture with NIL. Make sure to protect yourself, protect your brand, and protect your assets. Effective legal counsel can help ensure that you are signing quality contracts, guarding your intellectual property, and minimizing legal risk.
Joshua M. Frieser, Esq. is a sports lawyer and Principal Attorney at Frieser Legal. His practice is focused on the representation of college athletes and working to solve their unique legal needs. Josh represents college athletes in formal NCAA regulatory proceedings and NIL licensing agreements, as well as in related intellectual property and business planning matters.
