What to do when your offered a snowboard sponsorship?

I was offered a snowboarding sponsorship from "Utopia" Optics about a month ago and i declined because 1. I didnt know anything about being sponsored 2. I have never entered a contest and 3. I only got 50% discounts from THIER goggles. When im offered my next sponsorship i want to sign the contract but what am i getting into? How often do i need to enter contests? Do they pay for them? Can i just ride for fun with my dad or are they gonna wanna ride together as a team like every week???