Unlocking Potential: 7 Routes to Financial Success in Sports Beyond the Field

As the roar of the crowd fades, and the final whistle blows, and a new challenge emerges for many athletes.

According to research, the average NFL career lasts a little over 3.3 years. This means that you must find a new career or job to keep your income flowing and your mind engaged.

Sports organizations and teams earn billions in revenue from lucrative TV contracts, gambling, and franchises. How can you, as a working and eventually, retired athlete, get your piece of the pie?

Many athletes face two major struggles: finding and working with the right team and managing your finances productively.

Many athletes are known for not properly utilizing their talents during their playing years, and spending their earnings frivolously. Unfortunately, many associate with people who are misleading and abusive. This includes dodgy agents, spouses, financial planners, and coaches.

How can you unlock your potential and achieve financial success in sports beyond the field?

1. Pick the right career

The job you choose off the sports field will have a long-term effect on your finances, personal life, and public persona. Pick a job you love so you can excel at it.

 The global sports industry is also estimated to grow by 5 percent annually. According to statistics, sports coaches and talent scouts will grow by 9 percent between 2022 and 2032. Therefore, there are many jobs to choose from in sports.

But how do you choose a good career in sports that will earn you good money and give you a productive professional life after you retire? Here are some factors to consider.

Income

Is this your dream salary, or does it have the potential to reach that level? Get a job that offers an attractive salary and benefits such as health insurance and a pension.

Remember to keep it real; chances are you will not find a job that pays as much money as your playing days. But find a job that brings in adequate income, based on your skills, experience, clout and value.

Growth potential

Can you grow professionally and make a positive impact in your career field of choice? You can be a leader working in sports off the field just as you were on the field.

Passion

What do you enjoy doing? Are you passionate about developing younger athletes? Perhaps a career as a coach would be ideal. Do you like advocating for and marketing athletes? You could channel that into a career as a sports agent/manager, digital marketing agency positions, and contract negotiator jobs.

Do you love fitness and nutrition? Consider a career as a gym owner, nutritionist, fitness training, and other related careers. If you love to explore how bodies work and function, a career in sports medicine, therapist, or other health related careers would be good for you.

Skills

Do you have the professional skills and talents to handle the job? You must have some knowledge of the sports sector in which you want to work. Leverage your educational credentials and your experience in the field.

If you lack knowledge and experience, go back to school, and get the skills you need.

2. Review your credit report

Top sports teams and companies require credit checks during hiring, especially for people applying for senior positions.

Your pre-employment credit report will tell a hiring panel whether you can handle the responsibilities associated with the job you want, especially if it involves financial obligations.

Too much debt could signify financial lack, therefore, you’d be considered a theft or fraud risk. A history of making late payments indicates irresponsibility and reduces your chances of getting a job.

Work to fix your credit report for increased chances.

3. Consider investing in sports

There are many investment opportunities and market trends you can capitalize on as a retired athlete. But how do you pick the right path?

An effective option is to use data analysis to gain valuable insight into current sports trends and the top sports jobs available.

Innovative technologies such as Augmented Reality (AR) in sports, Machine Learning, and Artificial Intelligence (AI) offer jobs and investment opportunities for sports professionals. Some examples are sports app development jobs and Machine Learning athletics training positions.

These positions are relatively new and unexplored, therefore, you’re likely to get a lucrative earning opportunity there.

4. Study to build up your skill set

Educate yourself about the inner workings of your chosen career. The more skills you have, the better chances of financial success.

Some examples of ways you can educate yourself are;

• Through a mentorship program
• Sports workshops for professionals
• Online forums and sports communities
• Higher learning institutions
• Scholarships and sponsored courses by leagues and sports teams

5. Network, network, network!

If you want to land a financially rewarding professional position in sports off the field, you must network with people already working in these positions.

Connect with sports experts in your chosen specialization online on platforms such as LinkedIn and offline by attending sports events and conferences.

As they say, “You are only as good as your network”.

6. Manage your finances

Once you can earn good money in sports beyond the field, don't leave your financial management to chance. Have an investment strategy; if you don't have one, hire a financial advisor.

Learn how to create a budget and stick to it. Track you daily, weekly, and monthly spending.

Talk to an insurance provider who can analyze your life and advise you on the policy you should get. Some of the insurance packages you may need are life, health, and disability insurance.

7. Do not limit yourself to sports

Is there something you always wanted to do? Go for it.

You can pick a job that is not related to your previous career in sports.

The network and skills you acquired on the field, such as team work, perseverance, and discipline, are going to come in handy in whichever industry you work in.

Final thoughts on finding financial success in sports beyond the field

Sports command a wide audience worldwide and generate a lot of revenue.

You deserve to earn some of this money even after you retire from sports, and there are many positions you can fill with your experience.

Unlocking your potential for financial success in sports beyond the field is not as challenging as you may think.

Don't be afraid to apply for a sports position and start a new career off the field. Follow the 7 routes to financial success in sports beyond the field that we've outlined in this article, and you'll be on your way to financial success.