The life of a professional athlete can look fairly glamorous from the skin, however multi-million greenback contracts and profitable endorsements are solely accessible to the very best of the very best, in keeping with Nick Symmonds. The 2-time Olympian lately shared a video by which he outlines the 3 ways he was capable of generate profits as an expert runner.
The shoe contract
Nick calls this “low hanging fruit” because it’s the obvious choice, however he notes that it is “onerous to choose” since you actually should be one of many best runners out there to attract the eye of manufacturers like Nike, Adidas and Brooks. “They don’t seem to be straightforward offers to get,” he says, “and even should you do get the deal, it isn’t insane cash… until you are Usain Bolt.”
When it comes to contracts, numerous manufacturers begin small, providing free gear to athletes. Nick’s first contract gave him gear and a small journey price range, which enabled him to not want a secondary job as he was “residing merely” and specializing in his coaching.
These contracts will typically embrace bonuses should you win a title, however there are additionally discount clauses, which imply that you simply get much less cash should you do not hit sure milestones, akin to being ranked excessive sufficient or racing a minimal variety of instances in a 12 months.
One other disadvantage to those offers is the non-disclosure agreements which forestall athletes from speaking about their cash. “There’s numerous secrecy round these contracts,” says Nick, including that that is by design: “They do not need you to know what different persons are making.”
Some races such because the US Championships, the World Championships and the Diamond League all pay “fantastically properly,” says Nick. As an illustration, should you win first place within the Diamond League, you stand to take residence $10,000, whereas the world champion of the Cross Nation Championships would win $30,000.
“I might sometimes search for races which have a minimum of $2,000 for putting,” says Nick. “For those who’re one of many higher athletes then you definitely’re already getting your journey, resort and meals paid for, so numerous the time once I was racing in the summertime I would not have any bills.”
“A meet director pays you simply to indicate up, even should you end lifeless final, simply to allow them to use your title within the advertising and marketing,” he explains. If Usain Bolt have been to look at a meet, for instance, it will value round six figures. However this solely applies to the very best. When Nick was ranked first within the US, he nonetheless did not qualify for an look price.
“It wasn’t till I constructed up a much bigger model and following that administrators needed me to look at races,” he says. When he turned an Olympian, gained a silver medal and ranked within the World Prime 10, that started to alter. “They need medallists,” he says. “There’s an arms race to see what number of massive names they will get.”
Nick was capable of get between $eight,000 and $10,000 to look at meets, in addition to having the chance to win the prize cash, however he says that such alternatives are “very short-lived” and “it evaporates rapidly”; after being invited to a meet the place the price was $10,000, he acquired injured and wasn’t capable of race. Ineligible for the looks price and unable to run for the prize cash, he began his enterprise RunGum. That is what informs Nick’s greatest recommendation to athletes: “Save your money, and have an exit technique.”