Fiverr is a place where you can do anything you’re willing to do for $5. The idea behind the site is simple, yet it is now considered one of the fun and effective ways to earn extra income in your spare time. Note that you do not receive the full $5 payment, Fiverr gets $1 and you get $4.
Earning $5 is not really a sustainable income, especially if you are living in a western country. But for people in other developing countries or people that must work from home because they are ill or have to look after dependents, Fiverr is a god-send for getting some additional income.
I became a member of Fiverr three months ago. I started just browsing for fun, but I am now making a profitable amount of income from Fiverr in my spare time. Recently, I just withdrew $61 from my Fiverr account. Maybe you feel that the amount is not significant, but if you can have an extra $61 to go shopping for this month for not doing too much work, it’s not a bad idea, right? So, in this practical guide today, I will show you how I made this money.
I won’t go into details about Fiverr since you can sign up for an account and go through process of creating or buying a gig. My post will solely focus on how you can create, promote and monetize a profitable gig.
Plan your Gig
The first step is plan your gig. You have to:
- Brainstorm one gig that you think people will be interested in hiring you to do.
- Plan to write a small sales letter to your gig.
- Plan to find an appropriate image.
Brainstorming your Gig.
Grab a piece of paper and pen and think about some small services you wish someone could do for you or something you would like other people to do for you – for $5. In this step, just close your eyes and write down as many ideas as you can. Try and fill the page. There are heaps of bizarre gigs on Fiverr… so I think any idea is plausible.
For example: Imagine if there was someone who could help me set up a blog, create a video, create a table of contents for my eBook, install WordPress, fix WordPress theme bugs, etc.
Next, start to brainstorm about your abilities, your competitive advantage; what you like to do and most importantly, what can you do fast. Include these items into your list.
Tip: If you don’t know what to write now, go to Fiverr and look on the sidebar where people suggest what they want others to do for them for $5.
Tip: Some of the hot gigs right now is advertising, like Facebook fans, Twitter followers, comment on other blogs, build FBML etc. Some other hot gigs are in video & audio creation, like a voiceover on video, a podcast, etc.
Evaluate your Gigs
If you can come up with 50 items, that’s awesome. The next step is to evaluate them.
While you can go ahead and create your gig right away, this is the most common mistake that people make on Fiverr. They create gigs without judging the opportunity cost they have to give up doing those gigs and start losing money, and not really making a profit. If you have to work for 10hrs to make $5… then you are definitely on the losing end of the deal.
Think of it like this: If your hourly wage is $15/hour (approximate), will it be profitable for you to create a gig that will take you 2 hours to complete for only $4? In this case, you have lost the amount of $15 x 2 – $4 = $26 if you work on your gig instead of spending your time to do your own work. So, it’s really important to judge your time and evaluate your gig before you create one. Careful planning always helps.
Start to write down how much time will each gig would take you to complete. Remember to add time for communicating and delivering your gig. These additional times should be counted as well.
Then, go to Fiverr and search for the gigs you have written down. Chances are, many people have posted the same gigs before you, so it is important to research how they do their gigs and what aspects you think you can do better than them.
Plan to Write a Small Sales Letter
After you have completed the researching and evaluation of your gigs, the next step is write a small sales letter.
It’s not a good idea to just jump on your keyboard immediately whack out a gig description, because that will never allow you to achieve a high income from Fiverr. It’s best to plan first before writing the actual gig description.
Start with typing a sentence about a problem that your clients will be likely to face or the feeling your clients will have after their problems have been solved.
For instance: “Would you rather spend 4 hours setting up a WordPress blog OR instead breaking free and doing what you want?”
Then, the rest of your sales letter should really focus on what are some of the benefits your service will include. Don’t forget to mention some work examples and some previous testimonials. These tips will make your sales letter stronger than anybody elses.
Plan to get an Image
Besides a catchy title and a sales letter, another element that catches people’s attention is your thumbnail image. Make sure that you don’t just copy an image from Google. Make it different, and make it unique!
For instance: If you offer a service to sing a song, take a picture of you singing. If your gig is related to tech, take a picture of you smiling in front of a bunch of computers. Try to stand out and people will start to notice you.
Making Money from Fiverr
After your gigs have been posted for one week, orders will start to come in. Your first orders on Fiverr are very important because if you do a great job, people will be likely to tip you another gig and they will pass your service around.
While making some money out of Fiverr, I realize that the main source of income isn’t from the site. You must understand that Fiverr is a great place to start introducing your services, but the actual gold is in side projects. When clients start to trust you, they begin to order big projects from you.
For instance: I did Magento installation service on Fiverr. I made small amount on Fiverr, but behind the scenes, one of the clients I worked with gave me a huge project that paid me thousands of dollars. So that initial $5 turned into thousands of dollars of additional income.
Avoiding Fiverr Traps
Fiverr has many traps that if you don’t avoid, you will either lose money, sales or reputation.
The first trap is in the communication system. Fiverr changed how it handles messages recently. It now makes it hard for me to follow up with my clients. So you have to be really careful about this.
The second trap is about canceling gigs. Never cancel a gig by yourself! Even if you can no longer take any orders, email the clients and ask for them to cancel the gigs for you. If you cancel a gig by yourself, you will lose a reputation point. It’s not that fair, but that’s how the system operates.
How can I help you get Started Making Money on Fiverr?
Do you have some questions that you would like to ask me? Don’t hesitate to either comment below or send me a private email using my contact page. I am more than willing to help you get started and be successful and I won’t even charge you $5!