It’s no secret that being an elite athlete in the U.S. is a badge of honor. The brands we all associate with the ultimate in human determination and potential aren’t just the Olympic and Paralympic rings anymore; it’s the leagues, teams and sports franchises — like Nike and The North Face, the NFL and the NWSL, the Denver Nuggets and the Texas Longhorns — that capture our hearts, minds and ultimately, our time.
But most athletes do not reach the fame and fortune that we, as Americans, assume they do. When the medals are tucked away in the guest room closet and the spotlight shifts, for too many athletes, what awaits is an unforgiving reality: meager pay, scant support and a precarious financial future.
In fact, 58% of athletes across 48 countries do not consider themselves financially stable. And, the average professional athlete’s salary in the U.S. is around $50,000 per year, but this figure is mightily skewed by a handful of big earners. Many pro athletes make far less, especially in sports like swimming, gymnastics and track and field, which, by and large, aren’t as lucrative as national fan-favorite pastimes like football, basketball and action sports. Take that down another notch for more obscure sports like handball, archery, fencing and cycling — and even worse for para athletes.
This means athletes have less control of their financial mobility than most working professionals, creating havoc inside their sport, their bank accounts and their minds.
Related: The 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 been trained to perfect their game, but in today’s ever-evolving sports landscape, athletes who think beyond contracts and scholarships and start operating like startup founders — running and owning their own one-person enterprise — fare far better in the long run.
In a way, athletes already have the core 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 post-career ventures). Yet, most athletes don’t realize they need to run their careers like a business.
Like any startup founder, the key is thinking about long-term brand equity, customer (fan and sponsor) retention and sustainable growth. By shifting to an entrepreneurial mindset, athletes can change this trajectory.
The power of the personal brand: From NIL to net worth
The advent of NIL rights in collegiate sports has given athletes the opportunity to monetize their name, image and likeness like never before. According to a report by Opendorse, the 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 highest-earning college athletes, with an estimated NIL valuation of $3.5 million. Dunne didn’t achieve this by just being a good gymnast — she built a massive social media following and leveraged that 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 retiring from a sport they’ve dedicated their life to can be devastating. A study by 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 post-retirement. This is largely because they’ve shifted their identity from just being an athlete to being a business owner, someone 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 has created Serena Ventures, which focuses on investing in businesses that promote diversity. By building this entrepreneurial foundation, she’s not only secured her financial future but also her emotional one — transitioning out of tennis didn’t mean the end of her identity but rather the evolution of it.
Related: 10 Things College Athletes Should Consider When Building a Business Based on Their Own Personal Brand
Making smart business decisions
In the entrepreneurial world, smart founders surround themselves with advisors and experts to help make critical business decisions. Athletes need to think similarly, treating themselves as the CEO of their one-person startup. Surrounding themselves with business managers, branding experts, financial advisors and legal counsel can ensure their brand remains protected and grows.
For lesser-known athletes, this strategy works just as well as for the A-listers. Paralympic track athlete Blake Leeper has developed a personal brand around inclusivity, activism and his journey as a double amputee athlete. Leeper has forged partnerships with companies like Nike, despite not having the mainstream visibility of some of his 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 only relies on one product or revenue stream is often doomed to fail when market conditions shift. The same goes for athletes. While endorsement deals and prize money are great, athletes need to diversify their income sources — like starting a podcast, launching a line of merchandise or creating a YouTube channel.
The reality of the American athlete: Hustle harder
Platforms like OpenDorse and IconSource have emerged to help athletes secure more sponsorship deals, but these opportunities still require a constant hustle. It’s not uncommon for athletes to cobble together several small deals just to pay their bills, adding mental and logistical strain to their already demanding training schedules.
Get an agent to broker your sponsor deals? Easier said than done. In theory, sponsorships and partnerships give the financial power back to the athlete. But, in reality, those opportunities go to athletes who have agents — a scant 14% of athletes — or those who get a burst of attention or have a lucky media moment.
Add to that the physical and emotional toll of elite competition, and it’s no wonder so many athletes experience post-career depression. The excitement of the international stage is fleeting, but the financial pressures and media invisibility between events remain.
A blueprint for athlete entrepreneurs: How to start building you as the 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 upside — stable income that can withstand the ebbs and flows of the global competition media cycle.
If you’re an athlete, here are five key steps to take to take ownership of your future:
1. Leverage social media:
Athletes are now indisputably the face of sports, teams, leagues, brands and organizations. Storytelling has become the top skill that brand partners seek out in every athlete partnership. Additionally, athletes have direct access to fans like never before. Giving fans access to behind-the-scenes training, personal anecdotes and unique perspectives keeps fans interested — and sponsors invested.
Pro tip! Offer exclusive content: Creating a paid membership model or exclusive content for fans allows athletes to monetize their experiences and foster a more engaged following.
2. Create a signature story:
Athletes who focus on storytelling and developing an off-the-field brand during their career are four times more likely to secure media or business roles after retiring (McKinsey & Company). This is why authenticity is a buzzword. Crafting a narrative that aligns with who they are — beyond just their sport — can attract partnerships with brands that resonate with their personal journey.
Pro tip! Sharing their journey in a longer format helps athletes become thought leaders in their sport, opening doors for speaking engagements and more immediate opportunities. Platforms like podcasts and public speaking engagements are a great way to tell their full story, not just the one the media has written. Also, schools, corporations and conferences are always on the lookout for powerful voices.
3. Collaborate with emerging brands and partners:
Big-name sponsors may 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 most of their income to endorsements, with storytelling as a key differentiator.
Pro tip! Partner with cause-driven organizations: Aligning with charitable causes or social impact initiatives can increase an athlete’s visibility while supporting causes they deeply care about.
4. Maximize platforms like OpenDorse and IconSource:
While platforms like these can feel overwhelming, they can also be leveraged strategically to create sustainable, meaningful partnerships both on and beyond the app.
Related: 6 Ways Olympic Athletes Can Leverage 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 operate as 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 stability, emotional fulfillment and career longevity. In the end, athletes are more than just their sport — they’re a brand, a business and, with the right mindset, a startup waiting to thrive.
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