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Home » Run Your Business

The Entrepreneur’s Secret Weapon

The Entrepreneurs Secret Weapon

Last week I heard a podcast with Maren Kate from  Escapingthe9to5.com where she interviewed Micha Kaufman of Fiverr.com. It was such an interesting interview, I decided to check out fiverr.com and see it for myself.

For those not in the know, Fiverr is a market place where services are exchanged at the fixed price of $5, hence the name.

Maren describes how she got an eBook cover designed for er $5, a voice over for her grasshoper.com telephone number for $5,  but drew the line at someone offering to write your company’s name on their forehead (also offered at $5)  For her, that wasn’t her target demographic but for you, it might be.

Basically Fiverr brings together the power of the web to get services done for you for very little money.  But before you think that this is mass exploitation, let’s think about it. For sure, for some people they put in a lot of effort for $5, but this could be a learning opportunity for them, or it could be something they’d be doing anyway for free and at least they are getting $5 for it.

For sure they are some people advertising some odd things. One lady is advertising to send a postcard from Los Angeles or Hollywood for, you guessed it, $5.

But the vast majority of items has some serious benefit for entrepreneurs – for instance one guy is offering to give you personalised tips to increase conversions on your website another is offering to do ‘cool’ video intros for $5, yet another is offering to make professional Powerpoint Presentations, Excel Worksheets,  brochures in Publisher or documents in Word.

For small simple jobs fiverr could be just what you’re looking for, for much less cost than you would have thought possible.  What is more, timescales are short, typically no more than a couple of days your service will be ‘delivered’.

Low price doesn’t necessarily mean that the quality will be poor, because like on eBay buyers leave feedback plus you can check out people’s work before hand from samples they will have posted.  In fact there are over 75,000 services being offered on Fiverr which means that you will  find many services that will be of use to you.

But it’s not just for buyers

If you’re an entrepreneur looking to make some extra money you too could set up an account and advertise your services in less than 5 minutes.  The best bit is though that buyers find you, rather than the other way around and many people who visit fiverr are both buyers and sellers, so you have thousands of potential customers to target.

Now a lot of you reading this will be thinking, but this isn’t passive income which you talk about so often! You’re right it’s not strictly passive, but it could be near to it, depending on what services you offer.

If for instance you’re a writer or a designer, trading your time for a few extra $. Then Fiverr is not a great way to earn an income. You could probably earn more elsewhere. But if you have something which you could scale or niche focus your offering to be delivered in a few minutes, then you could earn some serious money from Fiverr.

For example, one person is offering a recipe from Trinidad or the Caribbean. You reckon they write each one out individually? Of course they don’t – think about it, how many of those could you ship in an hour?

Given that the offer price is only $5, you’ll get a lot of people impulse buying. Fancy something different for dinner, you might just buy the recipe for $5 when in fact you’d gone on to find someone who would get you some back links or design a banner ad.

Just imagine that  the person offering the recipe gets 10 only orders a day, with 30 days in a month. That’s $1500 for not much work at all.

So far, I’ve used fiverr once for a banner ad and the creation of some tag lines and I have been  very pleased with the results, especially when I think if I did it myself it would have taken me a lot longer to produce.

So, using fiverr, will save you money, but could also be a great source of income too.

What do you think?