Name, Image, and Likeness is not just a great opportunity for college athletes, but for small businesses as well! NIL can help your small business grow by bringing in more publicity and engagement. The main issue that keeps small businesses from participating in NIL is a lack of knowledge of HOW to get involved.
First: NIL laws vary from state to state, so it’s important to know and follow your state’s laws, especially when it comes to prohibited endorsements like alcohol or tobacco products. It’s also important to know whether the college athlete’s university allows its marks and logos to be used in NIL activities. Some do, but require permission and an associated fee, so it’s important to determine what the university’s policies are!
Second: A large portion of NIL is conducted through social media! This is one of the biggest ways businesses find college athletes they want to work with. In addition, check out any marketing platforms that have partnered with the university athletics departments, such as Opendorse. These are a great way to find college athletes to work with because you can filter athletes by sport, read about their interests and hobbies, and find the athlete that fits what you’re looking for!
Third: NIL comes in a variety of shapes and sizes! Social media is a huge part of NIL activities, but it’s not the only thing you can do! NIL activities can include public appearances, such as autograph signing, photo ops, commercials or print ads. You can also sponsor an athlete’s lessons, camps, or clinics. There have also been NIL deals where businesses or companies have become sponsors for a college athlete’s small business, such as a landscaping business or clothing line! It’s also important to think about how you want to compensate the athletes you work with. Some deals include giving the athlete a discount or free product in exchange for social media posts, while others may include paying the athlete a flat fee for an autograph signing or photo op! There’s no one way to create an NIL deal.
Finally: It’s important to note that although NIL can be incredibly informal, with so many deals created in the DMs on social media, there can be a lot of risk and miscommunication. This is where consulting a lawyer can help. Having a lawyer draft a contract for your NIL deal can help mitigate risks, such as in the case that one side does not fulfill their side of the deal. Lawyers can also help ensure that your NIL activities are following state law.
This article is for educational and entertainment purposes only. This is not legal advice and should not be relied on as such. Consult a licensed professional in your state.