Fiverr Forum

What's your "Contingency Plan" against Fiverr income?


#1

To put it in another way:

If for some reason Fiverr disappeared today, How do you intend to live for the next 6 months?

I’m sure Fiverr isn’t going down anytime soon nor do I wish downturn for any of the esteemed sellers here. But I ask this question for a much needed reckoner on how fragile 3rd party marketplaces can be and how important it is to have a Plan B.

I was earning comfortably if not fabulously for a couple of years and then suddenly: My Gig ranking dropped. Like, from first row of the first page to fifth page! Needless to say, earnings dropped to 1/3rd and been a tough period. This was about 2 months back. Fortunately things bounced back and everything is fine right now. However, that experience made a lasting impressions and came upon me a realization on why you should NEVER put all your eggs in one basket.

I don’t have a Contingency fund right now but working towards it. Forwarding 20% of my earnings to Mutual Fund investments and began working on a Web project that I intend monetize with ads. Let’s see how it goes.

So tell me, what do you intend to do? :slight_smile:


Do you make a living from fiverr?
#2

#3

What just happened? Thread can’t be dead. Not THIS thread!


#4

I definitely do not have all my eggs in One basket. Although I’m a full time Fiverr Doer, I do have time to work on other serious projects.


#5

Good for you :+1:

What concerns me is that, for many people including me Fiverr is the only serious project. And there are people who wish to base their careers (and families) on Fiverr not considering the turbulence of the business opportunity here. Save, invest and diversify - if not, we are headed for trouble.


#6

That´s not just when you are freelancing. Coz when you work for a company (an employee), you should also save up coz you never know when you will lose your job like if the company goes bankrupt, etc.


#7

You’re 100% correct. Like anything. Plan for your future. Just like @fitrigwrites4u stated.


#8

LOL, yeah it´s an interesting topic and it got pinned! :slight_smile:



#9

Indeed so. But we should consider the additional risks when making Fiverr your full-time income source.

In a Job: If you loose job for some reason, you can count on the experience gained to get a new job. Difficult but not impossible. But in freelancing? You’ll have to begin afresh… and it takes time. Hence my suggestion for 6 month contingency plan/fund.

In a Business: If you going to lose in business - usually but not always - you’ll have warning signs coming along the way. But on Fiverr you can lose, because Fiverr ‘tested’ their search algorithm.


#10

In short: it’s unlikely that Fiverr will ever be your only source of income. Don’t get me wrong: it’s not impossible but, unless you’re offering something that can be done quickly and without much effort, the site simply isn’t build for a steady income.

Let’s elaborate on that: Fiverr is the pinnacle of what is known as “the gig economy”. What is that, you ask? Basically freelancing: you tell me what you need, I do it, you pay me, goodbye. There’s a huge but, though (mind it, single T).

Fiverr is also based around the idea that everything should cost five dollars (or that pricing should start at 5 dollars). I won’t waste time on how unethical towards sellers that is. Thing is: most buyers will want the best result at the lowest possible price. We’re talking quantity, not quality here.

The site is perfect as a launchpad for your business or career, but as you grow older and more experienced you will find yourself seeking better paying solutions. Here’s a typical “contingency plan” for these platforms:

Use Fiverr as your own test-track. Run a few laps, see what works and what doesn’t, and build a nice portfolio. Once you feel ready, abandon the site and start your own company.

Contacting Fiverr users without going through the site is against ToS, working with other clients outside of it isn’t.


#11

Run out of hearts (again!) :purple_heart:

Yours is one of the most sensible posts I’ve read on here for a long time - thank you! :slight_smile:


#12

Fiverr is my contingency. You won’t get rich on here, but it keeps things ticking over when it is a little quieter in the real world. I use fiverr when I have a few spare hours in my week and want to earn a little extra cash.


#13

Funny thing is, Fiverr CAN BECOME the only source of income!

It’s important to see things from the perspective of third world as well. $5 may not be much in America and Europe but in third world it can mean something… where 3-4 Gigs per day is sufficient cross National average daily wage. I’m sure there are a good majority of sellers who do want to make Fiverr business as their career. It is these people that should stay concerned.

And also, let’s not underestimate the number of full-time Fiverr sellers from First World. Many established sellers will vouch, $5 has always been an enticement for something bigger. :smirk:


#14

˝Fiverr is a tap, sometimes it is on, sometimes it is off.˝ I quoted that from @writer99025


#15

And what I ask is:

“So, do you have a bucket?” :relieved:


#16

To answer your question, I am (semi) retired, so I have had my bucket filled enough (not from Fiverr). I don´t sell on Fiverr. I only come here as an occasional buyer. :slight_smile: @ghemachandar1


#17

Interesting thread. I am not the right person to answer this question as my circumstances are different. But I fully understand and empathize. For me personally, Fiverr keeps me busy and productively occupied. I dread to think what I would do without it.


#18

Of course, I can’t but speak from personal experience; living within a first-word community and working within a very specific field: that of content writing.

While Fiverr may be the solution for a selection of individuals in developing environments, only a handful of these have access to the degree of education and services necessary to compete within professionals from, say, the US or Europe.

I’m not trying to discredit other sellers or throw more mud around than what’s strictly necessary to make my point clear. Thing is, for a majority, Fiverr shouldn’t be seen as a steady and solid source for work, just as it shouldn’t be seen as a quick way to make a buck.

I’d like to take a few moments to discuss your last statement. True, some may pay for a test gig and then invest more for a larger project, but - at least from what I saw - most see Fiverr as a quick and cheap way to plug a hole in their website while they come up with more appropriate content strategies.

Don’t forget that 5 bucks is never really 5 bucks. Although buyers are not told so, Fiverr charges a flat 20% rate on each project, no matter the final price. A 5 dollars gig comes down to something around 4? I’m not quite sure, I rarely get paid for small projects these days.

Professionals are also required, at least in some countries, to pay VAT or another form of income tax. Depending on the country, that is an additional 4 to 30% being taken out of the seller’s wallet.

Once again, unless your preferred lifestyle costs very little, you inhabit some sort of fiscal paradise, or somehow manage to churn out 5-10 orders a day, it’s unlikely you’ll ever make much more than struggle to break even.

Even 10 articles at 5 dollars each, for me, would add up to a grand total of 40 USD. Take 10 off for a coffee, a sandwich, and electricity and I’m left with 30 bucks per day in my pockets. And that’s without considering how the average length for a 5 dollars article on fiverr is 500 words or 2 hours of work according to the Editorial Freelancers Association.

TL;DR: can definitely be done, unlikely to be done.


#19

You have no idea. But I won’t say more because my friend Cy will say something snarky in response.


#20

I saw an SEO writer who sells their gig for $75 as their basic price :slight_smile:

I just meant that many sellers sell their gig for more than $5 per gig.

But of course you are right about this site isn´t build for a steady income, well I guess just like any freelancing job, nothing is steady?