Phelps also has a competitive swimwear line, MP.
But Phelps is just getting started in the transition from athlete to brand, and he's using Jordan's career as an example.
The basketball legend partnered with Nike to build the Jordan Brand, a combination of basketball shoes and gear and a roster of participating athletes. There are more than 50 Jordan Brand athletes, including Oklahoma City basketball player Russell Westbrook and wrestler Gennady Golovkin.
"I would like to now be able to choose up-and-coming swimmers, whether they are in the U.S. or throughout the world, to potentially reach their goals and dreams," says Phelps. Were breakaway swimming sensation Katie Ledecky not still in college, for example, Phelps would be eager to sign a deal to work with her, he says.
Jordan has also profited from his position as the chairman and majority holder of the North Carolina-based Charlotte Hornets NBA team and from his involvement in restaurants like the Michael Jordan steakhouse in New York City.
While pointing to Jordan indicates the scope of Phelps' ambitions, the Olympian declines to put a dollar figure on his revenue goals.
"I have some personal goals that I would like to achieve in the business world and I don't actually think anybody knows what they are," says Phelps. "I've always done that. And, yeah, I've always been somebody who's kept some very specific goals to myself."
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