When it comes to creating a Fiverr gig, one of the biggest questions most newbies asked is: how do I price my services? Ultimately, we are on the platform to make money and earn a living. That’s just a side Hustle for some, and for others, it’s a full-time income.
Pricing your gig appropriately is one of the most important strategic factors in your overall success. So whether you’re new to Fiverr or a long-term seller, here are my three tips for determining the appropriate price for your Fiverr gig.
1. Determine Your Value
What I mean by that is figure out what your time is worth. In the freelancing world, when you’re quoting a flat project rate, an appropriate wage can sometimes be hard to determine.
When starting out on Fiverr, one of the first things you should do is to track the amount of time spent on each individual project. This will give you a really good idea of how long certain projects will take you to Complete, and then apply that information on how you structure your pricing. You can do that by determining how much you want to make per hour, and then translate that into the scope of Work that you’re offering in your gig.
This allows you to do two things:
- First, It allows you to present budget priced offerings and understand that you are not going to spend hours slaving away on a gig for just $5 for example.
- Second, It also allows you to put in the appropriate amount of time for each gig, and not feel like you’re rushing to complete it as fast as you can.
For example, Let’s say you want to earn $20 an hour. If your basic gig starts at $5, That means you don’t want to spend more than 15 minutes on a five dollar order to earn a $20 per hour rate.
And yes, technically, because Fiverr is taking a commission, you probably want to complete that in a short amount of time, but the math is just easier for this example.
So what Does that mean in the end? Well, that means that if you price your starting gig at $80 an hour, you can reasonably expect yourself to work on that particular project for four hours, but that really allows you to break down your rate into a much more Fiverr friendly, consumable price.
2. Have a budget price point
if you’re just starting a new gig, you need to have a budget price point. Fiverr Is a marathon not a sprint, and a lot of your long-term success is based on social proof. This means when starting your gig, it’s more important to get positive reviews than it is to actually make money, which means you might have to lower your hourly rate to generate sales.
Sometimes for new sellers, It’s really hard to compete against long-term sellers who may have hundreds or thousands of five-star reviews. So really the easiest way to compete against that Is to under price your services and then as that social proof grows and you start gaining reviews:
3. Have a plan to scale up your business
This ties back to the work you did in point number one, and that’s to have a long-term goal to constantly increase your rates over time.
Lots of Fiverr sellers get stuck with their pricing structure early on. They undervalue their services, they generate A ton of sales, and then have this fear that if they increase their rates, they’re going to lose all of their previous buyers and oftentimes that’s just simply not the case. If you’re a professional and you’re continuing to do good work, your buyers are willing to pay for that, and you know what, if they don’t, someone else.
There’s this misconception that all services on Fiverr are super cheap and i’m here to tell you that that’s not the case. in fact, I know of freelancers whose gigs have a minimum starting price of $100 and that minimum has been in place for a couple years now. Clearly, there is a market for higher priced gigs, but what’s really important is that you have a plan to scale up to reach that goal.
Conclusion
This is one tip that I like to stress out a lot. When it comes to quantity versus quality, having one project that pays you $500 that you can really put Your time and effort into, is way better than trying to crank out $105 Orders. In the long run, this will be much beneficial to you which is the ultimate goal in trying to succeed on Fiverr