Many professional athletes have become millionaires out of their sporting activities. Apart from their sporting careers, athletes also engage in business, helping them expand their wealth to an extent of turning their paychecks into veritable empires. However, success in the sports business is not a preserve of the professional athletes, even those who are not overly athletic, chances of success are even, starting up a successful online sport or eking a living out of one of a plethora of online sports business is possible.

Quoting the US Bureau of Labor Statistics,  belgium sports expert Kate Richardson, says there are more than 12,000 professional athletes in the United States alone. This alone is an indication that competition is very high and chances of becoming a pro in a given sport and turning a career into business may be limited for some. Kate equates it to a bet; a bookmaker being in business will limit the chances of having many payouts by giving out complex combinations. This will reduce the number of bettors who can make the right predictions. Similar way, nature has a way of limiting pros, by making the competition stiff and as evolutionists have told us, the strong will survive. However, there are other changes that are available for all sports enthusiasts to make money and become wealthy. Athletes are making money out of sports and with the growth of informational technology; they are making money through doing business online. In this article, we explore how athletes make money on the internet.

Researchers have found a relationship between being an athlete and success in business. The two; entrepreneurship and sports are comparable in a number of ways. First, the mindset that one has, the risks that are taken in both areas, and the obstacles that are endured throughout the journey have lots of similarities.

What drives athletes into business?

We are at a point where we are seeing more athletes today engage in business. Kate Richardson observes that this may be out of realizing that they have a lot of power and also their names are brands in themselves and attracting customers is relatively easier compared to non-athletes. Furthermore, in the age of the internet, there’s a significant revenue stream available through broadcasting rights services, as athletes and sports entities can strike lucrative deals for the rights to stream or broadcast their events online. Kate Richardson has been analyzing sports betting providing comprehensive analysis for bettors. Kate states that the athletes today are learning from their predecessors, understanding their mistakes, and also leveraging on the technology to engage online.

They are taking the skills and knowledge as well as experiences from their sporting activities and applying them in their endeavors away from the game. For some stepping out of the comfort zone, where you are assured of a regular paycheck can be uncomfortable, however, a significant number of athletes today have ventured into business and have had great strides. There are a host of great athletes that offer serious lessons. Talk of Serena and Venus William, the legends in the lawn tennis space; both have ventures that rake million dollars annually. Shaquille O’Neil, Magic Johnson, LeBron James, Roger Staubach, Steve Weatherford, Rob Dyrdek among others have started successful ventures and today they are raking in more money than they did while they were at their peak.

How athletes build a sports business

While some become successful after their retirement, mostly out of their sports business venture. There are still a significant number of athletes today who lead miserable lives once they step out of active sportsmanship. Out of realization that nearly eighty percent of retired players in the NFL encounter financial and mental stress after retiring, Tiki Barber, the former New York Giants thought of ways to help. Before retiring, Barber had started a business, Thuzio, an online platform that connects athletes, both former and current, with fans and charitable organizations that would like to hire them. Offering a wide range of online services, Thuzio has achieved great strides; helping the sports business founders earn handsome profits as well as assisting retired athletes ekes a living.

In an interview where he shared his story, Barber narrated how he builds his online business. His story provides useful lessons that athletes today can learn as they venture into a life away from active sports.

• Interacting with those who have ventured into business, especially athletes where he learned crucial lessons on how to start and run a business
• Take lessons from sports figuring out how to deal with ups and downs as well as learning how to grow 
• Using the right marketing channels to reach the targeted audience
• Always build valuable relationships, athletes believe they are invincible and can do anything they set on their minds, but they need assistance from friends who will encourage them and point them in the right direction.

These are crucial points that athletes who want to start a business can pick, the fact that Tiki Barber has built a successful athlete business is evident that they work.

Unlike their predecessors, athletes today have an upper hand as they can rely on the internet to build and develop their sports business. With online businesses, they can reach a large audience. Also, the fact that they have built a brand, both online and offline gives them an edge when compared with non-athletes.