In the Business of NIL Episode 6 our guest and the CEO of PLM, Rachel Perkins speaks on the ups and the downs for Athletes & Student athletes. PLM which stands for Perks Lifestyle Management is a consulting agency that assists athletes with branding, as well as services to help them get where they need to be.
For Perkins and PLM it is a priority to help athletes, especially young athletes learn and position themselves in the NIL business and to be a resource to help athletes along the way on their journey’s.
The day to day life in the business contains a lot of behind the scenes stuff as Perkins describes, which entails a lot of activities most would not think of when it comes to the sports world. But as a relationship based business it is important to:
- Build trust
- Do the work needed and beyond
- Show effort and provide value in your position
When it comes to the off the field antics for athletes both at the collegiate level and the professional level, a lot has changed in recent times. It is important for athletes to set an image in mind on who they want to be and portray when it comes to their name, image and likeness. Some other important things for athletes to keep in mind is:
- The kind of companies you want to partner with
- The kind of person you want fans/outsiders to see
- Create an authentic brand that represents the real you
For these athletes, there are many perks and pitfalls that come along the way. It is important for athletes to have a plan and goals in mind coming in so they don’t just make quick money and blow it right away but really have plans on how to build their NIL as well as what to do with it. It is very important to surround yourself with support and people around you that you trust to assure that you are not getting in poor deals or making bad decisions along the way.
With all the perks that athletes receive, it is important to note the pitfalls that come along the way as well. Some of the pitfalls for athletes can include:
- Making mistakes – getting hate for it on social media, press conferences, etc.
- Surrounding themselves with the wrong people
- Not asking the right questions/Not preparing themselves for certain situations
In terms of being proactive for student athletes, it is important to know what you want going in. As Perkins mentions it is important to do so even going into college in terms of:
- what coaches you want to play for
- what type of environment you want to be in
- the types of people/teammates you want to be surrounded by
Through the first 3 weeks of NIL, athletes have been making many deals and capitalizing on opportunities regarding their name image and likeness. However a common trend for athletes that may not be a star player on their team is while they have chances to get deals and make a name for themselves a lot of athletes have been going out and just making quick bucks which they have to be careful knowing what they get themselves into as well as making sure they are protected.
All in all, the most important thing for athletes to keep in mind is that they are not alone through this process. It is a new journey for all athletes and it is important to make sure you are being smart and are protected along the way along with taking advantage of your resources to assure you know what you’re getting into and in order to take advantage of opportunities while capitalizing on NIL.