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SORRY to interrupt! but the truth is...

Everything you were taught about making money online is wrong.

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makie extra money on the side

How to make extra money on the side – Part 2

This is continuation of our part 1, if you haven't already read it, read it now. In this article we will explore how to make extra money on the side using the second method.

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2) Offering your skills as service

You might or might not have heard the following quote.

“If you’re good at something, never do it for free.”

Every individual is blessed with some skill or other. Now your task is to find out what you are good at, once you have the answer, it is very easy to monetize your skills, thanks to internet. We have connection to billions of people and guess what there are many out there who are looking to outsource the job to skillful people like you. In short, it is called as Freelancing.  


What kind of skills are paid and why would anyone pay for such skills

 

Pretty much everything.

Are you good at managing and organizing your things? you can be a virtual assistant. 

Are you good are designing? well, buyers will pay you for creating logos, webdesigns, art and things like that. 

Are you good at writing? well, buyers will pay you for writing articles, letters, emails or any kind of text the customers wants to offload.

Are you good at Advising? Well, buyers will pay you for you advice and they can very well pay you.

For many, time is money, they would like to offload work like these to someone who can do it for some money.

1) Fiverr

It is one of the worlds largest market place for digital services. People who want to offload their task come looking for the relevant skill sets in fiverr.com, they choose the seller they like and get things done. So here is how it works.

Both, Seller and Buyer should have an account created in fiverr.com. Seller publishes his / her skillet or services offerings with the price starting from a minimum of $5 : hence the name Fiverr. You set the scope of work.

Buyer is provided with all the options and flexibility to choose from many sellers. Buyer selects your service and the work starts. 

Once you complete the work and handover to the buyer, fiverr takes their commission and will pay you 80% of total amount. If you charge $10 for the service, you will receive $8 at the end of the project. Yes, fiver takes 20% commission.

Earning potential is less because there is way too much competition, for you to be successful you will end up providing you services for a very cheaper wage till you get a good rating. But good for small services provided over and over again.

Summary

  • Minimum of $5 for each work.
  • 20% commission to Fiverr.
  • You set the Scope of work.
  • Earning potential is less, due to competition.
  • Good for small services provided over and over again.

2)Upwork

Upwork is similar to fiverr but it is not. These two are different due to the reason listed below.

It is similar because, you offer your services and client pay you for the service, you get paid through paypal etc, and yeah 20% commission to Upwork.

It is different because, Client sets the Scope of work and you have to bid for the work. So your earning potential increases significantly and if you are good at what you are doing, you might have a long time relationship and hence can make extra money on the side.

Summary

  • Client sets the Scope of work.
  • You will have to bid to win the order
  • 20% commission to Upwork
  • Earning potential is higher as you might even secure a long term project.

In either cases, you have opportunities to make some extra money on the side but the competition is so huge. We recommend the method listed in our next article, which is part 3 of this series. Read "How to make extra money on the side - Part 3"

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