Fiverr is a marketplace for you to sell your freelance work, whether that is graphic design, programming, photography and lot’s more. If you have a service to offer, Fiverr can make for the perfect marketplace to sell it.
What Is Fiverr?
Fiverr is a marketplace where you can make money online.
There’s two sides to Fiverr, one for the buyer and one for the seller. Over the years Fiverr has become an increasingly popular place for people to buy and sell freelance work.
When Fiverr was first set up all services were priced at £5, but more recently this has been changed so sellers can customise their pricing and even have package deals.
How Does Fiverr Work?
Fiverr operates as an online marketplace that connects freelance service providers, called sellers, with buyers looking to purchase services. Sellers create Fiverr accounts and list service gigs that outline what they are offering to do for buyers, along with their pricing packages. Services can range from graphic design, writing, translation, programming, voiceovers, and much more.
Buyers browse and search the Fiverr marketplace to find sellers offering the services they need. They can view sellers’ gig descriptions, reviews, and portfolios. When buyers find a gig they want to purchase, they select the seller’s pricing package, provide details about their service requirements, and place the order. Sellers are notified of new orders and complete the work.
Payments on Fiverr are processed securely through the platform. Buyers pay Fiverr when they place an order, and the funds are held until the work is completed to the buyer’s satisfaction. Once buyers approve the finished work, Fiverr releases the funds to the seller minus a service fee. This fee ranges from 20-25% depending on the price of the gig.
Fiverr aims to provide an efficient online services marketplace that connects freelancers with buyers from all over the world. Its system of user reviews and order approvals helps ensure both buyers and sellers have positive experiences.
Does Fiverr Make For A Good Side Hustle?
Fiverr can make for an excellent side hustle as long as you have the skills and deliver a premium service.
The issue you may find when selling on Fiverr is the amount of competition that there is. You’ll be competing with sellers who have been on the platforms for many years and have an established reputation.
For example, the service of web development has lot’s of sellers with over 1k reviews, rated at five stars. These sellers have built up a very good reputation and will easily catch the eye of buyers.
However, with this being said, if you are talented in your service and offer great customer service, there’s no reason why you can’t build yourself up to this point.
How Much Money Can You Make On Fiverr?
The amount of money that you can earn on Fiverr is going to vary massively from niche to niche. But you shouldn’t be expecting to make large sums of money when you first start.
It will be a slow process of building up your reputation and gaining customer trust.
Only the top percent of sellers will be making substantial money. A study by Priceonomics showed that only 1% of sellers are earning $2,000 or more per month.
Tips For Making Money on Fiverr
Focus on a niche. Pick a specific service or skill set that you can become an expert in. It’s easier to stand out and get business when you specialise versus trying to offer too many different services.
Have an outstanding profile. Make sure your Fiverr profile looks professional. Include a good description of your services, qualifications, sample work, customer reviews etc. This helps build trust with potential buyers.
Offer discounts and extras. Consider offering discounts for bulk orders or extras for repeat customers. This incentivizes buyers to choose you over competitors.
Upsell additional services. Once a buyer places an initial order, upsell them on similar but more premium services. For example, if they want a basic 2D animation, upsell them on a fully rendered 3D animation.
Focus on great service. Go above and beyond for each customer, respond quickly, meet deadlines, and deliver excellent work. This will lead to great reviews and repeat business. Also be very clear in your gig descriptions about what they can expect when ordering from you.
Pros And Cons Of Selling On Fiverr
While Fiverr can make for an ideal place to sell your services online, it does also have its cons. So let’s have a look at some of the pros and cons of selling on Fiverr:
Pros Of Selling On Fiverr
Fiverr is very easy to get started on. With just a few clicks you can have a sellers page all set up and ready to sell on.
There’s an existing marketplace. Fiverr has an existing customer base looking for services, so you don’t have to build your own customer base from scratch. The platform helps connect sellers with buyers, making your life much easier.
Selling on Fiverr gives you a very flexible schedule. You can work as much or as little as you want on Fiverr. It allows you to set your own availability and accept or decline orders.
Cons Of Working On Fiverr
When working on Fiverr you’ll often find that customers have very low expectations for the pricing. And there will likely be someone else selling the same service as you at a lower price.
Whether or not their service is better than yours doesn’t matter, a lot of customers will opt for the cheaper price. You’ll likely find that these cheaper prices are not sustainable or profitable in the long run.
There’s lots of competition on Fiverr. There’ll likely be hundreds of sellers all offering something very similar to you. Therefore making it very difficult to stand out from the crowd.
Fiverr’s fees, while low, do cut into your profit. Lower priced gigs will be the most affected by these cuts.
Summary Of Whether Selling On Fiverr Is A Good Side Hustle?
Selling on Fiverr can be a good side hustle with low barriers to start, but requires effort to stand out amid high competition. The platform provides access to buyers, but quality services and reviews are key to sustainable success.
