I have been looking for different alternative to earn something on the side. As shared on my about page, one of my goal is to start earning online eventually. But why is earning online so attractive and why am I so keen about it? I live in Malaysia, a 3rd world country where a fresh graduate would be paid around RM3,000 (USD675) on average. Pretty low huh! Even if you work your way up to a high managerial position, how long would it take and how much would that be?
I am not implying that working is bad at all. If not I would not even be working right now. But wouldn’t it be cool to earn something on the side.
I stumbled upon a platform called Fiverr which is an online marketplace for services, similar to Freelancer.com. They connect freelancers to potential businesses and entrepreneurs who needs to outsource certain tasks. The only difference would be Fiverr provide service at USD5 at the starting point and you can slowly scale it up with add ons. A good place for beginner with no credible record to begin with but in the long run, site like Freelancer.com allows you to charge more. Few months ago, I tested out the Fiverr myself and here is what went down.
Here is how Fiverr works
There are in total 3 party which are involved in Fiverr. The first being Fiverr’s team themselves which act as an intermediary, the second being the buyer and lastly the seller. The buyer is the one that are actively looking to outsource their services on Fiverr and the seller is those that are providing the freelancing services and in the case of this post, I am the seller.
Let’s say buyer A is looking to create a new logo for his upcoming brand launch and I happen to provide logo design service. Buyer A will make me an offer to design him a logo based on his needs. When buyer A make an offer to buy my service on Fiverr, the intermediary will hold on to their money while I provide the service. Once i deliver the logo to Buyer A and when he is satisfied, the money will be release into my account. And finally, at the end of the transaction, both party will be asked to review each other for future customer references.
My testing phase on Fiverr
Choosing a gig
Honestly, I do not know what works at the beginning. All i did was browsing through and tweaking as it goes. I tried 4 different gig before finalizing the gig I would test on. Gigs which are on high demand are IT related skill like web development, logo design, video editing, and photo editing. I am not skilled in any of those area but it can be learnt. But since I was just testing out, I chose something without the need to be highly skilled and can be launched immediately.
I chose to provide transcription service. Bascially, I would need to convert my clients audio and video into text after listening to it. Sounds pretty simple huh. It is especially if you are able to type fast.
Setting up my gig and getting my first customer
I browsed through a few other sellers providing the similar services and imitate how they create their landing page. My goal is just to set up, get someone to make me an offer and slowly pick it up from there. It took me roughly 30 minutes to set the entire thing up. Pretty fast I would say.
Setting up is not the hard part but getting your first buyer is. Similar to a real business, in order to differentiate yourself, you have to provide something which are appealing to the buyer. There are a lot of seller with proven track record in the marketplace. As i am just starting out, I need to offer something that would be appealing to my potential buyers.
My First Sale
I found out that in the niche I am working in:
- Most seller has a turnover time of 2 days or more, in which they take 2 days to deliver their service.
- Most seller charge at a higher price point as they have a proven track record.
Thus, I decided to provide my service to transcribe 10 minutes of audio and to deliver within 24 hours for USD5. Most seller providing similar service transcribe 12 minutes of audio with 2 days turnaround time for USD5.
I got my FIRST SALE with an offer for a 23 mins transcription which is equivalent to USD15 (RM67). Pretty cool to start out!
Delivering the best and getting a recurring customer
One crucial aspect about Fiverr is the rating you get. At the end of each service, both the seller and buyer will give a rating to each other. This is to facilitate other potential buyer and seller a quick reference before an offer is made. Two main reason why this is important; one being the rating I get which will potentially attract other customers and second because I would want the buyer to come back to me next time for his future transcription services. Thus, I have to ensure that the service I provide exceeds their expectation.
My first paying customer became my recurring customer.
How much can you earn
Let’s drill down to how much you can potentially earn. Fiverr is a great platform to start out and you can really something on the side during your free time.
I do not know if it is possible to earn a living through Fiverr but I know you can definitely earn decent side income from it. To earn through Fiverr, you need to provide a service which you can scale up. Once you successfully build a stable base, you are already on track. You do not need to have a huge base of clients, just a strong recurring one.
I never tried it full time but by just testing out, I earned USD48. There are many freelancers in Fiverr who easily earned USD200-300 per month on Fiverr. Definitely a great place to start out for beginners.
Opportunity are endless
You can work on anything which you find marketable and are on demand. The cool part about working on this is it being online and it being a business. You manage your own time, your own customers and you can do this anywhere you go. No one to boss you around!
There are tons of platform like Freelancer.com which are something you should eventually move on to. However, I have never tested out Freelancer.com myself. Nevertheless, Fiverr is great as it allows beginners to penetrate into the freelance market and easy to start out with.
- Step by step guide to get started on Fiverr
- Crazy gig on Fiverr that make you rethink the work you are doing
- How to start your own blog
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