Key Takeaways:
- Today’s actors, athletes, and influencers are increasingly leveraging their personal brands to become successful entrepreneurs.
- Building an authentic brand that aligns with your public persona is crucial for long-term success, along with exploring licensing, equity opportunities, and diversifying revenue streams.
- Proper financial planning — including business structuring, tax optimization, and guidance in areas like licensing and royalty management — can help support your efforts.
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In recent years, we’ve seen a surge in entertainers, creators, and pro athletes stepping into the entrepreneurial world. This trend isn’t just a side hustle; it’s a strategic move to diversify income and create lasting wealth.
From sports to entertainment to social media, high-profile talent is turning to entrepreneurship, building brands, or even “becoming the brand” themselves. Instead of just assuming a single role in your industry, the goal is to leverage your unique persona, audience, and influence to build something bigger.
The Rise of the Celebrity Entrepreneur
Here are examples of five celebrities who have reached notable entrepreneurial heights over the past decade:
Selena Gomez
Gomez has made the transition from the Disney Channel to pop stardom to entrepreneur look seamless. As the founder of Rare Beauty, a makeup brand launched in 2020 with a mission to break down unrealistic standards of perfection, she recently earned a spot on the Bloomberg Billionaires Index. But Rare Beauty is more than just a vehicle for wealth; it’s a reflection of Gomez’s deeply held values. Through the Rare Impact Fund, she has turned her brand into a platform for championing mental health awareness, blending purpose with profit in a way that resonates with millions.
Ryan Reynolds
With roles in recent hits like Deadpool & Wolverine and IF, Reynolds is one of the biggest movie stars on the planet. Off the silver screen, he has spent the last decade successfully expanding his brand into the business world with ventures like Aviation American Gin, Mint Mobile, Wrexham Association Football Club, and many more. His approach is a masterclass in brand authenticity — each venture incorporates and reflects his public persona, making the transition from actor to entrepreneur appear effortless.
Serena Williams
Known for her 23 Grand Slam titles, Williams has also built a career as a savvy investor. In an April 2024 TikTok video, Williams shared that she has invested in more than 85 companies in her personal portfolio — including 14 “unicorns” (companies with a valuation of more than $1 billion) and several “decacorns” (companies valued at $10 billion or more). Through her firm, Serena Ventures, she focuses on funding women- and minority-owned businesses, underscoring her commitment to empowering underrepresented entrepreneurs.
MrBeast (Jimmy Donaldson)
The mind behind the most-subscribed YouTube channel in the world (more than 340 million subscribers as of January 2025), Donaldson has expanded his brand with ventures like MrBeast Burger, a virtual dining concept, and Feastables, his chocolate bar company. In addition to developing these brands, he also plays an active role in marketing them. Donaldson’s innovative business model thrives on his deep understanding of audience engagement, which has helped him build one of the most loyal fan bases in the world.
These examples highlight a key lesson: As an influential personality, you have a unique brand that can be leveraged into successful business ventures. The question is: How do you start, and what financial considerations should you keep in mind?
Key Financial Tips for Building Your Brand
Transitioning from your topline career to an entrepreneurial role requires more than just ambition — it requires a solid financial strategy. Below are key financial tips to help you navigate the world of business ownership and brand building.
1. Understand the Importance of Authenticity
When building a brand, authenticity is crucial. Your business should reflect who you are and what you stand for. Audiences can quickly spot a brand that doesn’t align with your public persona, which can hurt both your reputation and your business. Ask yourself, “Does this venture align with my values and the image I’ve cultivated?”
2. Consider Licensing and Intellectual Property
Licensing is a powerful tool that allows you to monetize your brand without selling it outright. Think of it as renting out your name, image, or intellectual property (IP). For instance, NFL players/brothers Travis and Jason Kelce recently struck a podcast deal with Wondery that included licensing their IP, allowing the company to develop products based on the podcast. This approach lets you maintain ownership while generating ongoing revenue.
3. Explore Equity Opportunities
Equity can be a smart way to build long-term wealth. Instead of taking a flat fee for endorsements or partnerships, consider negotiating for equity in the company. This approach has been successfully employed by celebrities like Ryan Reynolds, allowing them to benefit from the growth and success of the businesses they are involved in.
4. Get Your Financial Structure Right
Proper financial planning is essential when expanding into entrepreneurship. This includes everything from setting up the right business structure to managing taxes and cash flow. You might consider working with an advisor or CPA who specializes in entertainment and entrepreneurial ventures. They can help you navigate the complexities of business ownership and make the most of your earnings.
5. Diversify Your Revenue Streams
As the entertainment industry continues to evolve, so should your approach to generating income. Diversifying your revenue streams not only provides financial stability but also gives you the freedom to pursue projects you’re passionate about. Whether it’s launching a product line, investing in startups or licensing your brand, multiple income sources can safeguard your financial future.
Services That Can Help You Succeed
Building a successful brand or business venture requires more than just a great idea; it requires a solid financial foundation. Here are some services that can help you navigate the complexities of entrepreneurship:
Business Structuring and Tax Planning
Properly structuring your business can protect your assets and minimize your tax liability. A tax advisor can help you choose the best structure for your venture, whether it’s an LLC, S corporation, or another entity, and help you take advantage of all available tax benefits.
Licensing Advisory
If you’re considering licensing your brand or intellectual property, a licensing advisor can help you negotiate deals that maximize your revenue while protecting your interests. They can also guide you on how to manage licensing fees, royalties, and other income streams effectively.
Royalty and Residual Accounting
Keeping track of royalties and residuals can be complex, especially if you have multiple income streams. A financial professional can help you manage these payments, verifying you are receiving what you are owed and identifying any discrepancies.
Financial Consulting
Whether you’re investing in a new business, negotiating equity, or planning your exit strategy, financial consulting services can provide the guidance you need to make informed decisions. This includes everything from cash flow management to exit planning and succession strategies.
Embracing the Entrepreneurial Mindset
The transition from entertainer, creator, or pro athlete to entrepreneur isn’t just a trend — it’s a smart move for anyone looking to build a sustainable career in an unpredictable industry. By leveraging your brand, exploring new revenue streams, and getting the right financial advice, you can create a business that not only supports your lifestyle but also sets you up for long-term success.
How MGO Can Help
We specialize in helping entertainers like you make the leap into entrepreneurship. Our Entertainment, Sports, and Media practice offers the experience you need to manage your brand, structure your business, and maximize your financial potential. Whether you’re just starting or looking to expand your ventures, we’re here to guide you every step of the way. Let’s talk about how we can help you turn your entrepreneurial vision into reality.