Fiverr is probably the leading micro-outsourcing platform on the planet. Its main draw is the fact that you can get all sorts of stuff done, like online writing, SEO link building, form filling, video testimonials, graphic designs and other creative activities performed for five dollars. As you can probably tell, a lot of the people offering time intensive labor for five dollars are based overseas. Regardless, Fiverr is making quite a name for itself because it has helped many American businesses save a lot of money on website related labor that they need to take their business to a higher level.
From the producer’s perspective, you can make money on Fiverr. However, just like with anything else in life, there is the easy way and there is the hard way. There is the dumb way and there is the smart way. The dumb way to make money on Fiverr is to basically forget that you are selling your time. The amount of money you will be making is actually four dollars as Fiverr take $1 in every $5 you make. If you take out Paypal processing fees, it is actually less than four dollars profit.
So, depending on the exchange rate of the country that you are a resident of, you have to calculate what you time is worth and base the jobs you do on this value. Don’t overstretch yourself! This is the smart way to calculate what kind of services you can offer on Fiverr. You can’t just try to beat your competition based on price. If somebody says that they can write two thousand words for five dollars, it might not be worth your time and effort, because if in your country four dollars translates to not enough money to compensate for the two or three hours you would spend producing that written content then this is one gig that is not worth it. You always have to focus on your return on effort. Your most precious asset, of course, is your time. You have to calculate whether the four dollars is worth the amount of time that you invest to earn that money. Here are some of the best ways to make money on Fiverr.
Do it the Hard Way
The hard way to make money on Fiverr is to find hot services and offer something more. For example, if somebody is offering a hot service that is ordered by a lot of people and this involves a person writing five hundred words, you offer to write one thousand words. You then put up a video of yourself offering to produce one thousand words for five dollars, and to seal the deal you offer a very fast turn around time.
The main reason I classified this as making money off Fiverr the hard way is because you are basically selling your time at a reduced rate of just four dollars, and you really do not have much room to move when it comes to profitability. This is why it is really important that if you are going to do things the hard way on Fiverr, you have to make sure that you can produce the service very, very quickly. Depending on your country, if it is going to take you more than an hour or two, it is probably not a good idea to offer that service for five dollars.
Do it the Rare Way
There are many rare services offered on Fiverr. These services are really not offered by too many people. Still, there is quite a decent demand for these services. Find these rare services, offer more. In other words, write more words, talk longer, produce longer videos, whatever the service is offer more. To seal the deal, offer faster turn around time for the finished work. Finally, offer a better description of the rare service that you are offering. The advantage of doing things this way is that you have less competition. The big disadvantage is that you are still racing against the clock. If it takes you longer to produce the service, you are basically losing money. So, you still need to find a better way where you are really making money by not selling your time.
Flip Fiverr Services on Forums and Classified Sites
This method is much better than the two methods described above. This way, you are not selling your time. All you are doing is basically buying low on Fiverr and selling at a high price at areas of the internet where people will pay a higher price. You are basically being a middle man. It’s how physical businesses work: They buy from a supplier and sell to the consumer. You are doing the same in what is often called Fiverr Arbitrage.
This is a great way to make money off Fiverr services. Of course, you are probably not the only person that has come up with this idea. You probably will have other competition. You have to make sure that you offer a better value by picking out the highest quality service providers for the type of service that you are flipping.
Package it with Other Fiverr Services
Another great way to make money off Fiverr that does not involve your time, is to take many different Fiverr services and put them together in a package and sell them for a lot more money than they cost. For example, you can get an e-book going, you can spend fifty dollars to get a ten thousand-word e-book going. You can also spend another five dollars to get a nice looking e-book cover. You can then spend five dollars to market that e-book on social media websites and spend another five bucks on other social media forum awareness campaigns. When you do things this way, you are really investing on Fiverr services and making money many times over when the final product that you had made through Fiverr sells many times over.
Flip it Offline
You would be surprised as to how many people have not heard of Fiverr in the offline world. These are usually offline mom and pop type businesses. What you should do is just contact these businesses asking to do their logos or their brochures, and they will be glad to spend fifty dollars or even a hundred dollars a time. You can then get on your laptop computer and then get on Fiverr, order a gig, copy and paste the specifications, get the work and give it to the client. Quick and easy. The downside to this is you really have to pound the pavement, the downside to this is there’s a lot of face to face selling involved. However, the return on investment is so high that it is definitely worth your time.
Flip Gigs using Contests
There are many types of online contests: There are writing contests and there are design contests. These people are willing to pay hundreds of dollars for the winning entries. What you do is you get on Fiverr to buy that particular service and use the custom work as your entry. For example, there are many logo contests available, where the contest holder will pay several hundred dollars: You go on Fiverr and get logos from maybe twenty different people, this will only cost you one hundred dollars and this results in twenty different entries. If one of your entries wins, for example four hundred dollars, your profit is three hundred dollars. Moreover, you can resell or customize those losing logos, because many of those Fiverr sellers give free revisions.
There are many ways you can truly make money on Fiverr. In fact, the methods that I have outlined above are just the obvious ways to make money off Fiverr. If you are very creative, you will realize that the only limit to making money off micro outsourcing platforms like Fiverr is your imagination.
Do you make money on Fiverr? Are you a seller on Fiverr happy for people to resell your gigs? Let everyone know, below: