How To Create A Profitable Fiverr Business Model
Does making profits on Fiverr sounds like a outrageous idea to you? Think again…
As we discussed earlier, ‘The name Fiverr has been derived from an American Slang where, “Fiverr” actually means a five dollar bill.’ So this is a market to sell and buy products in just 5 dollars.
This is still not considered as a serious business by many people. According to them you cannot go anywhere with a small amount like $5.00. However in reality, there are a lot of sellers who earn in the range of $2500 - $3000 per month by just investing few hours every day.
As you are selling your service, you need to be very creative with your ideas to earn money. For example, a top seller is offering his or her services to design your Facebook timelines, leaflets etc. for just $5.00. This seller sold more than 800 gigs in a period of one year.
For someone who is great in graphic design, it would just take one or two hours to complete the task. You already have all the designs and templates ready, just a bit of modification is required as per the requirement of the buyer.
This example can give you a fair idea of how simple it is to make money on this platform.
What market is attracted to Fiverr?
People who are looking for the services at a low cost are attracted to this platform. Owners of small businesses are the main customers. They are looking for high quality work for an affordable cost.
A word of caution for buyers, SEO (search engine optimization) services should not be bought from this platform. As success or failure of these services would impact your business directly.
What gigs should be purchased on Fiverr?
Gigs like, introduction videos, graphic designing, product boxes, cover designs, eBooks etc. can be purchased from this platform. As a buyer, you should ensure that you always purchase from a top rated seller.
Sellers on Fiverr are primarily hardworking people who are looking to earn extra money. In case you someone cheats you on this platform, you may contact Fiverr support team and they would take care of it from there.
In serious situations, your money would be refunded by Fiverr and the scammers would be thrown out.
How to earn money on this platform?
You can earn money on this platform by offering the high quality services that targets a certain niche. You just need to remember here that any business requires time and a good amount of hard work, before it starts earning money. This holds true here as well.
Turning this platform into a serious business
If you consider Fiverr as a serious business, then these small deposits of 5 dollar can convert your PayPal account to $500 to $1000 every month. But, how do you actually make money from these 5 dollar gigs?
a. Offer the services which do not take a lot of time to get completed
b. In case you offer services for fixing bugs for software or writing articles, which have high time requirements. Therefore, it wouldn’t be the best investment if you did these kind of gigs.
c. Earning on this platform is a simple mathematics calculation. To earn $800.00 every month, you need to make $15.00 every hour, which means 3 gigs in an hour, or every gig should only consume 20 minutes or less.
• Working hours per day: 4
• Planned Earning per hour: $15.00
• Earning in a day: 4 x $15.00 = $60.00 o Getting 12 gigs (4 hours x 3 gigs per hour) every day is bit difficult, so let’s take an average earning of $40.00 per day.
• Working days in month: 25
• Basis average of $40.00, your earning for the month: $40.00 x 25 = $1000.00
• Fiverr’s commission @20% (20% of $1000) = $200.00
• Your final earning: $1000.00 - $200.00 = $800.00
We have done this rough calculation with the assumption that your gigs are only for $5.00. However depending on the cost of your gigs ($20.00 or $ 50.00) this calculation can increase as well.
d. There are only a few services which are easy and help you earn easy money, creation of timeline covers for a Facebook account, logo creation, small video (30-35 seconds) video recording, tweeting the followers, and this is not an exhaustive list.
e. The idea of earning money on Fiverr really boils down to your creativity. Opt for a less time consuming service. Make sure that this is something people would love to buy over and over again.
f. Always think from the prospective of a buyer before deciding for a service.
All these pointers are good for reading, but how do you persuade people to purchase my gigs?
No comments:
Post a Comment