Fiverr is a web site that allows anyone with a product or service to advertise their wares for a starting price of $5, by creating what’s called a “gig.” More specifically, the base price cannot be more than $5 but additions called “gig extras,” can carry higher price tags. I remember when Fiverr first launched.
Shortly after their quick success, numerous copycats tried to duplicate their success. Many would-be entrepreneurs figured that people would get bored of only getting $5 for a gig and that other sites offering $10+ gigs were necessary. At any rate, Fiverr.com is still alive and well, and people are happy to offer their base price for $5, but of course, with the “gig extras,” many are getting more than that.
How to make money on Fiverr
The basics for making money on Fiverr, from one perspective, involves figuring out something to offer as a $5 gig, that has a higher value, perhaps valued at $25 in terms of time spent. Or, if it’s something that is highly unique offering a gig “on par” is appropriate as well.
For the former, offering a higher valued gig for $5, the next step is to create a couple gig extras, perhaps priced at $10 each. These extras should not create much extra work for the seller, perhaps a minute or two, but be no-brainer add-ons for the buyer. Therefore, with minimal risk, a seller can provide a service for $25 that is worth their time. The above approach, probably the most common on Fiverr, qualifies as “working online,” but does not necessarily take advantage of the leverage that could be achieved while working online.
Create a gig around “a system”
To really leverage the power of making money on Fiverr, someone could put a subscription service or online automated system to work for them. For example, if they’re in an automated system that carries a high monthly price tag that allows for unlimited use, that could be sold as a “gig” on Fiverr. If the preparation for using the service is minimal work, and the value-add is in the fact that people cannot afford the monthly fees, or do not need the service at that level, this could provide a way to share the subscription fee and perhaps make a profit. Someone I know in the make money online industry is doing this very thing. For every 25 orders he gets at $5 a piece he outsources the “prep” portion of the job for $15, resulting in a revenue of $110 (minus Fiverr fees).
Selling physical goods on Fiverr
While some physical product offerings may have a home on Fiverr, the margins may be too low to be realistic for anything other than non-shippable items. Custom crafts can do well online, but Pinterest might be a better aveneue for that, having popped off many a custom craft career in the past.
Naturally, offering gigs related to something that you love and could see yourself really doing day in and day out will keep you motivated when orders flow in. Include a solid headline for each gig. Also, the first sentence for the gig should contain the most important bits. Use videos and samples, and when possible, testimonials, in your gig advertisements.
Over-delivering, asking for feedback, responding to feedback, cross-promoting gigs, offering discounts for multiple purchases, creating smart up-sells (i.e. gig extras), and keeping tabs on the “requested gigs” section, are all little things that can pay off huge in the long, or even the short, term.