The passion itself is one thing, but getting into the business for financial rewards offers extensive opportunities for athletes. Nevertheless, there are several important factors to consider in dealing with any sort of endorsement, particularly the impact it could possibly make.
We’ve narrowed down some of these critical points to understand further how to negotiate with sponsorship deals and agreement.
Your Obligations to Your Current Team
It is necessary for team athletes to check their obligations and make sure they get to serve them well despite their external commitment. If your personal deals will bring forth conflict to your team’s ongoing sponsorship, a discussion should be made to resolve the issue before they allow you to book athlete signing engagements.
It is of utmost importance to consult the team about your plan of accepting contracts or sponsorships.
Agreeing on sponsorship deals mean you have to follow specific rules set by the brand, and that sounds a lot like adjustment for any athlete. You are carrying the brand, and that requires you to do things their way, or at least by meeting halfway. Be sure that the financial aspect would be worth the efforts and changes.
Your Deliverables and Restrictions
You should have a clear understanding of how you can help the brand as an athlete. Know precisely the service or performance you need to provide that would best suit their image and goals, and your image and goals as an individual athlete, too.
These should not create any conflict with your existing agreement or sponsorship. Some brands may put commercial restrictions for exclusivity in hopes of protecting their investments. Make sure that this will also not limit your future plans and endeavors.
These deliverables should be specified for you to know the things you need – or they need you – to achieve. This includes your participation in certain events or races, public appearances and the like.
End or Possible Suspension of Endorsement
Being an athlete makes you prone to physical injuries and accidents. So what happens when you are not physically able to represent the brand? In case of poor performance caused by a sudden injury, the brands are morally obliged to stick with you during difficult times.
Not unless the said injury has an adverse, long-term effect on your commercial value. It is reasonable for them to demand a reduction on fees or to terminate the contract eventually. This is why the athlete should discuss the process for this before signing anything at all.
Being an athlete is no easy feat. To become better means strong commitment and nonstop training, so you and the other parties must lay your goals and conditions with the best of intentions. Proper communication is the first step to success.
You should be able to set and understand expectations and break down ways on how to achieve them. Opportunities will surely excite you, but avoid being hasty on decision making and always consult professionals who know better who this works.