As parents, we want nothing more than for our children to pursue their dreams and be successful. With the recent changes to the name, image, and likeness rules in the sports world, many of those dreams have become a reality. Parents now have a unique opportunity to support their young athletes by helping them monetize opportunities around their name, image, and likeness rights. Let’s take a look at what you need to know.
What Are Name, Image, and Likeness Rights? Name, image, and likeness (NIL) rights refer to an individual’s right to control the commercial use of their name or identity. These rights are most commonly associated with athletes; however, anyone can claim ownership of NIL rights for themselves or their business. The recent changes in NIL
legislation have opened up new opportunities for athletes—especially younger ones—to make money from sponsorships and endorsements.
How Can You Help Your Child Monetize Their NIL Rights? The first step is understanding your child’s goals. What type of sponsorships are they interested in? Which brands align best with your child’s values? Do they want long-term relationships or one-off deals? Knowing the answers to these questions will help you create an effective strategy for maximizing your child’s potential earnings from NIL rights. Once you know what kind of deals your child is looking for, it’s time to start researching potential sponsors or partners that could help them monetize their skillset.
There are many opportunities available for student-athletes who are willing to take advantage of them – from sponsorships and endorsements with major companies down to local businesses who may be interested in partnering with an athlete on a smaller scale. By taking the time to educate yourself on these topics you can better help your child make informed decisions about how they choose to monetize their NIL rights while still staying within the rules outlined by both the NCAA and your child’s school.
All Offers Aren't Always Good Offers
It’s important to remember that not all sponsorships are created equal; some may offer a larger paycheck but come with restrictions that don't align with your child's personal brand or core values. It's also important to understand that young athletes often don't possess the same bargaining power as professional athletes when it comes to securing lucrative endorsement deals; there will be some offers that just aren't worth taking due to low payouts or unfavorable terms. It's up to you as a parent to ensure that any deals are fair and beneficial for both parties involved before signing on the dotted line. As parents of young athletes who wish to monetize their NIL rights, it's essential that we stay informed about current legislation so we can provide our children with the best advice on how they should pursue those opportunities responsibly and ethically. Doing research ahead of time is key; reading up on potential sponsors and partners helps ensure that any arrangements made are beneficial for both parties involved. By doing this work upfront, we can help our children pursue their dreams while protecting their interests along the way!
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