The career of athletes has an average lifespan of just under five years in major leagues, which makes them question what’s next for them. Many athletes have found their second career, and it’s entrepreneurship. They move into this career not because they have to find something to do after retirement; it’s about taking advantage of their unique skill set and building something that will last.
Advantages as an athlete in the business industry
Starting a business is not always easy in the beginning because the demands in this industry are different. There are athletes who aren’t good at business, but there are also others who know what to bring to the table.
Since athletes follow a training schedule and push themselves to reach their full potential, this means that they have no problems working long hours and have the dedication to build a successful business. This also makes them disciplined and has a great work ethic.
They are also masters at setting goals, doing them step by step, and making sure to execute them with focus. These are the same principles that’s used in business when the business is going through some challenges during its launch and making it grow.
There are a lot of unexpected twists and turns in sports in which the athletes are able to adapt to setbacks, overcome some challenges, and bounce back from losses. Having a tough mental state in business is important because businesses can encounter challenges along the way.
When well-known athletes start a business, they’re able to attract instant customers and investors to gain their trust for their upcoming business. So, if the athlete has been competing for a long time, it can build really strong professional networks that can help leverage their business.
Business ideas for athletes
There are athletes who choose to continue their career in the sports industry, while there are others who want to try something different. When you enter entrepreneurship, there are tons of possibilities to start your own.
We have those who start sports-related businesses. This could be anything from starting sports academies or training centers to launching clothing for sports or sports equipment. With their experience and knowledge, they’re able to provide very important insights for their business.
Others decide to franchise a business, either in the restaurant or fitness industries. This is because franchising a business already has leverage, and it already has people supporting that business. This also means that they don’t need to start a business from scratch.
There are also athletes who decide to invest in startup companies or already established companies. Because of their sports background, this can be an asset to identifying businesses that have the potential to grow.
There are other athletes who pursue a project outside of sports, which they call a passion project. Eventually, this project will turn into a business. This could be anything from opening a restaurant to releasing a clothing line or starting a non-profit organization.
Athletes that became successful in business
Shaquille O’Neal: He has franchised several Jamba Juice establishments; he also owns a line of footwear and sporting goods; and he invests a lot.
Serena Williams: She invested in startups, has her own clothing line, and is an advocate for women in business.
Gary Vaynerchuk: He got successful for collecting sports cards. His success tells us that the spirit of entrepreneurship can start from having passion for sports.
You can also check out Spin Genie for more athletes who are the most and least successful as entrepreneurs.
The challenges and considerations of being an entrepreneur
Some businesses wouldn’t be successful without having to go through some challenges. Yes, the reward from having a successful business is great, but what are the challenges that most entrepreneurs will face when they’re just starting out?
When you’re starting a business, it requires a different set of skills other than being athletic. This is what the entrepreneurs call The Learning Curve. If athletes are going to enter into this industry, they may need to seek help from mentors, or seek out additional education. They also have the option to hire professionals to fill in the gaps of the skills they lack.
We also have Time Commitment. To be successful in business, you need to be dedicated and spend a lot of time into it. It’s important that they pay attention to their new business closely.
There’s another thing called the Risk Management. Which means, starting a business can be really risky. The athletes that have earned a lot during their careers in the sports industry may have to adjust their financial expectations, and be prepared for possible setbacks.
In conclusion, athletes who decide to change their career to be entrepreneurs find it challenging, but the rewards they receive along the way feel good.
