Fiverr Community Forum

How to understand your Fiverr finances - what to do next?

I see many of these discussions deal with taking that first step on Fiverr and either ordering or selling a gig. However, there is no mention (from a seller point of view) on how to manage your money once a gig is sold.



Do you cash in your earnings? Do you use it for another gig? Do you leave it in our Fiverr account?



Well, firstly let me be straight with you…I have only completed 2 gigs - I’m relatively new on Fiverr. But I do have a wealth of experience when it comes to business.



Secondly, the best way to determine what you should be doing with your newfound wealth ($4 is something!), is by process of elimination.



Elimination 1:

The obvious question…do you keep it in Fiverr (i.e. don’t withdraw or use on another gig)?? Will your earn any interest on your positive account balance? If so, how much? Is it better than the amount you would earn in your Paypal/ bank account? If so, consider transferring your money to another account.



Elimination 2:

What are the transfer fees? With any transfer from one account to another, you will have to pay some sort of fee (banks are smart!). So take this into consideration when transferring from your Fiverr account to your Paypal account or from Paypal to your credit card. If the fees are too much, consider accumulating more funds in your Fiverr account before transferring it out. You will probably pay incrementally more in fees, but you would have lost less in the long-term (let me know if this makes sense???).



Elimination 3:

What are your priorities? And this is a big one! Are you still starting up on Fiverr? If so, maybe take some of your revenue and invest it in some marketing (there are plenty of these gigs on Fiverr), designing a professional logo, or finding someone who can increase your traffic. You need to invest in your brand, and grow your foot print. Without which, you will be lost in the mix of everyone else trying to make it out there.



So don’t be too hasty to spend that $4! Think like a business person!



If you want professional, tailored advise, you can contact me on one of my Fiverr Gigs —> https://www.fiverr.com/vinolin