Your No-Cost Business Model 3

Here is the third business model you can use to make money online without having to spend any money first (or ever, if you don’t want to).

If you missed my three previous posts in this series, you can find them here…

What are you afraid of?

Your No-Cost Business Model 1

Your No-Cost Business Model 2

The model I want to share with you today can make you a lot of extra money and again without spending any money.

It’s called ‘freelancing’, but with a difference.

When you hear that word, you probably think that you need some form of special skill, but you don’t when you do it the way I am going to talk about.

Instead, all you do need is a little imagination and creativity.

The best place to start is a website called Fiverr.com.

You may have heard of it or even used it. It is a place where people called ‘giggers’ offer their services, called ‘gigs’, for a starting price of, yes, just $5.

Go to the site and have a browse around. You will be amazed at what people are prepared to do for the princely sum of $5.

It is free to open an account and you can then start selling just about anything you want (within the boundaries of good taste and the law!).

Here is a small selection of the huge array of gigs on offer…

  • Writing short slogans for companies
  • Creating a 30-second song for your company (a jingle)
  • Doing research on any topic
  • Doing voice overs
  • Writing love letters to your partner for you
  • Creating a short video to promote or review a product
  • Delivering likes for videos, websites and Facebook pages
  • Creating professional graphics

The list is almost endless!

So what could you offer on Fiverr?

Well, the price for all basic gigs is $5. And Fiverr takes around $1 of that, leaving you with $4.

That is clearly not a lot.

So the trick is to find a gig that is easily and quickly replicated. Ideally, you want to be able to churn out 10 or so every hour and so each should only take you 5 minutes or so to complete.

For example, I mentioned the love letters gig above. The letters do not have to be original. You write maybe a selection of half-a-dozen once and then just insert the name of the partner to personalise letters for your customers.

(You could even pay to get them written for you by a professional writer… maybe on Fiverr!)

It might then take you all of a minute or less to process and deliver each order. Let’s be generous and say it’s two minutes. In theory, you could be making more than $100 an hour for little more than filling in the blanks!

Plus, $5 is just the starting point. Giggers are allowed to create multiple ‘add-ons’ to their gigs for much more than $5 and his is where the real money is made.

For example, someone might offer a basic video review of a product lasting 30 seconds for $5. They could then offer to extend the video in blocks of 30 seconds for additional charges of $5. They could offer to add backing music for another $10 or classy opening titles for another $10.

I have even seen a gig where the product reviewer allows you to choose what she wears for an additional $15 (in the best possible taste, of course!).

So you should choose a gig that allows you to offer these extra services for extra money.

Finally, the most lucrative gigs are ones that people will want to order again and again.

For example, if you offer to create professional graphics for people and you do a good job, the same customers are going to come back to you time after time for months or years into the future.

In many cases, you can think of the initial gig as a ‘loss leader’ because it puts a real paying customer onto your list that will spend far more than $5 with you again and again.

I know of one gigger who offers to rank videos on YouTube for $5 and then goes on to sell his Fiverr customers SEO services for $100’s and even $1,000’s a pop.

There are only 2 steps in this model…

Step 1: Sign up for a free account at Fiverr.com.

COST: $0

Step 2: Create a gig. Be creative and think outside the box. Browse through Fiverr and get inspiration from what is doing well (you can see how many times a gig has been ordered, as well as how well customers are rating the service).

Try to be take what is working and add your own twist to make it different. Above all, choose something that can be automated as much as possible, has ‘upsells’ and encourages repeat business.

COST: $0

Here is a final ‘twist’ that I have seen lots of people doing very successfully…

Combine two or more related Fiverr gigs and offer the service at a mark-up on another more expensive freelancing platform, such as Odesk or Elance.

When you get orders, you simply commission the gigs on Fiverr and deliver the results to your customers with next to no effort on your part.

And, speaking about services you could offer on freelancing sites, how about creating whiteboard animation videos…

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