Athletes face unique career challenges. Careers are short. Athlete earnings don’t last forever. The unexpected often happens. Expenses mount. Most importantly, much of life has yet to be lived after your athletic career.
Just because you have money, wealth, and opportunities today doesn’t mean you will have them tomorrow.
Some refer to the end of an athlete’s career as retirement. However, it is more like transitioning into Phase Two into a new career. During this phase, prospects and earning potential are all around, but a plan is necessary to take advantage of what you truly want for yourself and your family.
A well-thought-out and detailed plan ensures a smooth transition from sports to post-athletic life and secures long-term financial stability and personal fulfillment.
Here are some reasons why a business plan is essential:
Financial Security and Independence
Athletic contracts can be quite lucrative, but they are also temporary. Without proper planning, you can go from being financially set to woefully in debt. Poor financial literacy can lead to poor investment choices and squandered wealth. A business development plan helps athletes manage their finances wisely, investing in ventures that provide sustainable income streams. This ensures they do not rely solely on their sports earnings and can maintain their lifestyle and support their families long after retirement.
“You have to understand that this is the NFL, which means Not For Long. You have to look past today. It’s all about conquering yourself. You’ve got to pick up books. You’ve got to talk to people. You’ve got to educate yourself. You’ve got to want to do it.”
(Former Detroit Lions wide receiver Ryan Broyles)
Leveraging Personal Brand and Network
Athletes build a powerful personal brand during their careers, which can be an invaluable asset in the business world. A business development plan allows them to strategically leverage their name recognition, fan base, and industry connections. Whether launching a new product line, endorsing brands, or starting a business, the established credibility and vast network can give them a significant advantage.
“You, too, are a brand. Whether you know it or not. Whether you like it or not.”
(Marc Ecko, fashion designer, entrepreneur, and artist)
Diversifying Skill Set and Knowledge
While physical prowess and sports-specific skills dominate an athlete’s career, life after sports offers an opportunity to diversify their skill set and knowledge. A business development plan can include education, mentorship, and training in areas like entrepreneurship, management, marketing, and finance. This broadens their horizons and prepares them for the challenges of running a business. Programs designed for athletes, such as executive education courses, business counseling, and business mentorships, can be part of this plan to help them gain essential business acumen.
“You dream. You plan. You reach. There will be obstacles. There will be doubters. There will be mistakes. But with hard work, belief, confidence, and trust in yourself and those around you, there are no limits.”
(Olympic swimmer Michael Phelps)
Psychological Well-being and Identity Transition
The end of an athletic career can be an emotional and psychological shock. Many athletes struggle with the loss of identity and purpose that comes with retirement. A well-thought-out business development plan provides a new goal, a compelling passion, an energizing purpose, and a clear direction, helping to fill the void left by sports. Engaging in meaningful business ventures can restore and reinvigorate a sense of purpose and achievement, positively contributing to mental health and well-being. By envisioning and working towards new ambitions, athletes can transition more smoothly into their post-sports life.
“My vision of my healthy future isn’t just physical, it’s mental, emotional, spiritual – I want to be healthy and well.”
(Tennis player Mardy Fish)
Long-term Career Fulfillment
For many athletes, the passion and drive that fueled their sports careers can be redirected into new endeavors. A business development plan encourages them to explore interests and passions beyond sports, paving the way for a fulfilling second career. With a plan in place, athletes can continue to find joy and satisfaction in their professional lives. This long-term career fulfillment is crucial for sustained happiness and a sense of pride and accomplishment.
“It’s better to look ahead and prepare than to look back and regret.”
(Racecar Driver Danica Patrick)
One chapter ends when an athletic career concludes, but another chapter begins. Without a proper plan, the risks of financial instability, identity loss, and unfulfilled potential are high. A business development plan serves as a roadmap, guiding athletes through this transition and ensuring they capitalize on their achievements and skills. By securing financial stability, leveraging their brand, diversifying their skill set, and finding new purposes, athletes can build a successful and rewarding post-athletic career.
JJ Weber is a Co-Founder of Player Support Services and Director of Sports and Injury Psychology. PSS is committed to revolutionizing player care for professional, Olympic, and collegiate athletes during and after their athletic careers.
For questions about this article or Player Support Services, contact JJ: joe@player-support.com
