It's no secret that being an elite athlete in the US is a badge of honor. The brands we all associate with determination and the highest human potential are no longer just the Olympic and Paralympic rings; it's sports leagues, teams, and franchises—like Nike and The North Face, the NFL and NWSL, the Denver Nuggets and Texas Longhorns—that capture our hearts, minds, and ultimately, our time.

But most athletes don't achieve the fame and fortune that we, as Americans, assume they do. When to medal are tucked away in the guest room closet and the focus shifts, for many athletes, what awaits is an unforgiving reality: little pay, little support and an uncertain financial future.

In fact, 58% of athletes in 48 countries do not consider themselves financially stable. And, the average professional athlete SALARY in the US it's about $50,000 a year, but that figure is heavily skewed by a handful of big earners. Many professional athletes earn much less, especially in sports such as swimming, gymnastics and track and field, which are generally not as lucrative as national fan favorite pastimes such as football, basketball and action sports. Take this down a notch for more obscure sports like handball, archery, fencing and cycling – and even worse for para-athletes.

This means athletes have less control over their financial mobility than most working professionals, wreaking havoc within their sport, their bank accounts and their minds.

Related: Secrets of a former NFL player's journey to entrepreneurship

How athletes can thrive by thinking like a startup

Professional and collegiate athletes have long trained to perfect their game, but in today's ever-evolving sports landscape, athletes who think beyond contracts and scholarships and start acting as startup founders—run and own their own enterprise with one person – go too far. better in the long run.

In a way, athletes already have the key ingredients of a successful startup: a unique product (their athletic talent), an audience (fans, sponsors, and social media followers), and market potential (endorsements, partnerships, or ventures). after career). However, most athletes don't realize that they need to run their career like a business.

Like any startup founder, the key is to think about long-term brand equity, customer retention (fans and sponsors) and sustainable growth. Moving on to one entrepreneurial mindsetathletes can change this trajectory.

The Power of Personal Branding: From NIL to Net Worth

The advent of NIL rights in collegiate sports has given athletes the ability to monetize their name, image and likeness like never before. According to a report from Opendoorthe NIL market reached over $1.2 billion and for 2024-2025, it is projected to reach $1.67 billion. This isn't just about signing autographs or appearing in commercials – athletes can now create content, start businesses and develop personal brands that will last long after their athletic careers are over.

Take Olivia Dunne, for example. At LSU, she became one of the college's top athletes, with an estimated NIL rating of 3.5 million dollars. Dunne didn't achieve this by just being a good gymnast – she built a massive following on social media and used it to secure partnerships with major brands like Vuori and American Eagle. Dunne embodies what it means to think like a startup founder, turning her sport into a platform for long-term financial success.

Building emotional and career security through entrepreneurship

Athletes often face a harsh reality: their careers are short, and the emotional toll of withdrawing from a sport they've dedicated their lives to can be devastating. A study from the Journal of Applied Sport Psychology found that athletes who focus on entrepreneurial ventures during their careers are 35% more likely to experience emotional fulfillment after retirement. This is mainly because they have shifted their identity from just being an athlete to being a business ownersomeone who is in control of their destiny.

Take Serena Williams. Sure, she's one of the greatest tennis players of all time, but she's also a startup founder, venture capitalist, and brand builder. Williams founded Serena Ventures, which focuses on investing in businesses that promote diversity. By building this entrepreneurial foundation, she has not only secured her financial future, but also her emotional one – leaving tennis did not mean the end of her identity, but rather its evolution.

Related: 10 Things College Athletes Should Consider When Building a Business Based on Their Personal Brand

Making smart business decisions

In the entrepreneurial world, smart founders surround themselves advisors and experts to help make critical business decisions. Athletes should think similarly, treating themselves as the CEO of their own one-person startup. Surrounding themselves with business managers, brand experts, financial advisors and legal advisors can ensure that their brand remains protected and grows.

For lesser-known athletes, this strategy works just as well as it does for A-listers. Paralympic track athlete Blake Leeper has developed a personal brand around his involvement, activism and journey as a double amputee athlete. Leeper has forged partnerships with companies like Nike, despite not having the mainstream visibility of some of its peers. His approach? Treating his personal narrative as a business with a unique value proposition.

Diversifying Revenue Streams: Why Athletes Need Multiple “Products.”

In the startup world, diversification is key. A company that relies on just one product or one revenue stream is often doomed to fail when market conditions change. The same goes for athletes. While endorsement deals and prize money are great, athletes need to diversify their sources of income – such as starting a podcastlaunching a merchandise line or creating a YouTube channel.

The reality of the American athlete: Hustle more

Platforms like OpenDorse and IconSource have emerged to help athletes secure more sponsorship deals, but these opportunities still require a constant push. It's not uncommon for athletes to string together several small deals just to pay their bills, adding mental and logistical strain to their already grueling training schedules.

Get an agent to broker your sponsorship deals? Easier said than done. In theory, sponsorships and partnerships return financial power to the athlete. But in reality, those opportunities go to athletes who have agents — a minority of 14% of athletes — or those who get a burst of attention or a lucky media moment.

Add to that the physical and emotional cost of elite competition and it's no wonder so many athletes experience post-career depression. The excitement of the international scene is brief, but the financial pressures and media invisibility between events remain.

A blueprint for athletic entrepreneurs: How to start building you as a startup

Sure, the system may be stacked against them, but athletes who choose to take control of their personal brand and financial future have a massive advantage — steady income that can withstand the ebbs and flows of the media cycle of global competition. .

If you're an athlete, here are five key steps you should take to own your future:

1. Use social media:

Athletes are now arguably the face of sports, teams, leagues, brands and organizations. Telling stories has become the key skill that brand partners look for in any athlete partnership. Additionally, athletes have direct access to fans like never before. Giving followers access to behind-the-scenes training, personal anecdotes and unique perspectives keeps fans engaged — and sponsors invested.

For a tip! Offer exclusive content: Creating a paid membership model or exclusive content for fans allows athletes to monetize their experiences and drive a more engaged following.

2. Create a signature story:

Athletes who focus on storytelling and developing a brand off the field during their career are four times more likely to secure media or business roles after retirement (McKinsey & Company). That's why authenticity is a headline. Creating a narrative that aligns with who they are—beyond just their sport—can attract partnerships with brands that resonate with their personal journey.

For a tip! Sharing their journey in a longer format helps athletes become thought leaders in their sport, opening doors to speaking engagements and more immediate opportunities. Platforms like podcasts and public speaking engagements are a great way to tell their full story, not just what the media has written. Also, schools, corporations and conferences are always looking for powerful voices.

3. Collaborate with emerging brands and partners:

Big-name sponsors can be difficult to partner with, but smaller, niche brands are often eager to partner with athletes to reach new audiences. Get this: 94% of top-earning athletes globally attribute the majority of their income to endorsements, with storytelling as a key differentiator.

For a tip! Partner with cause-driven organizations: Aligning with charitable causes or social impact initiatives can increase an athlete's visibility by supporting causes they care deeply about.

4. Maximize platforms like OpenDorse and IconSource:

While platforms like these can feel overwhelming, they can also be used strategically to create lasting and meaningful partnerships both within and beyond the app.

Related: 6 ways Olympic athletes can use their journey to build a profitable brand

The lines between athlete, entrepreneur and influencer are more blurred than ever before. With the rise of NIL, social media and athlete empowerment, there has never been a better time for athletes to run their own business. Whether you're a high-profile star or a lesser-known athlete, thinking like a startup founder can open the door to long-term financial stabilityemotional fulfillment and career longevity. After all, athletes are more than just their sport – they're a brand, a business and, with the right mindset, a startup waiting to thrive.