Fiverr is an online marketplace that allows people to sell services for $5. Some of the services offered seem off-the-wall with things like, “I will wear your business logo on my forehead for a day” or “I will mention your business in my blog for $5.” If you have a skill or idea that you want to sell for $5, this is the place to do it. This is a marketplace that has become viral and has grown by leaps and bounds since it was launched.
Many customers like the fact that they can find people who will do just about anything for $5. The question is if you are one of those people?
If you are, then Fiverr may be something you want to check out.
How to be Successful on Fiverr
Because there are around 2 million gigs posted at any given time, there is a lot for buyers to sift through. You want to be able to stand out and this may take some time. Every seller is rated. If you do really well at fulfilling orders, then buyers will rate you well. There is the rating, how many votes you receive, how many days it takes you to deliver, how many orders are currently in your queue, and your cancellation ratio.
The cancellation ratio is something to pay attention to.
If your cancellation ratio is too high, which means you have cancelled orders before completing them, then people may not want to buy from you. This can hurt your earning potential.
But if you're offering a real professional service, you will want to set some rules. For example, you don't want to write a 1,000-word article for $5. That's slave labor! Instead, you can charge $5 for every 200 words. That way you could make $25 for that 1,000-word article. Some buyers would actually be alarmed to find an article of that length to be written for just $5. The old adage “you get what you pay for” comes to mind and they may skip over it. Then again, there are those that will take the chance because it is “just five dollars.” There are decisions to be made.
There are some pros to look at when it comes to using Fiverr to make extra money:
- The site is clear and easy to navigate
- You can get started immediately
- Access to an active community and a support forum
- Make money using your skills
- Get paid via PayPal
- The job costs are on a more level playing field, giving you a greater chance
- You can cancel a job if you can't complete it (but don't do this too much)
- You can turn your availability on and off so you don't get overwhelmed with requests
As anything does, Fiverr has some disadvantages. Those disadvantages are:
- Fiverr takes a 20% cut of what you make, which is a rather large fee
- There is a 14-day hold on funds
- Limited payout methods with additional fees attached
- If your availability is “on,” it automatically accepts jobs for you, which limits your control
One area to look at is the automatic job acceptance. You may have 10 jobs in your queue and decide to keep your availability open for more, but then someone submits a request that you simply can't do because of time or because of the level of difficulty. This is where you may have to increase your cancellation percentage without having much of a choice. If you attempt to complete something that you are not sure of, you risk getting a poor rating from that client. Again, there are decisions to be made.
Getting Noticed on Fiverr
Some people complain that they have difficulty getting noticed on Fiverr. This can be true at first. You just have to keep working at it in order to land enough jobs to increase your rating and your votes. Just remember to keep that cancellation percentage as low as you possibly can.