I started a side business, with only a handful of hours per week, of earning money online with software-development related work. I started in July 18th, with the goal of creating at least one, but preferably a few, side income streams. This is my income report on that, inspired by TrueValhalla, Bay12Games and others’ reports.
I’m not counting my day job income here, or the work I’ve done for clients I’ve got in meatspace.
I want to also document my experience and experiments with different platforms, to serve as an aid for anyone wanting to explore this path.
Here’s what’s happened so far:
I started by going on Fiverr to see what the rage is all about. Some fellows I know have created a healthy revenue stream using this site, so I guessed it was as good a place to start as any. I created a “gig”, which is… well, at the beginning I didn’t get it, so I’ll lay it out for you so you can have a running start.
A gig is a unit of work you can readily perform for a fixed price. It’s not intuitive what to create for a gig when you’re a software developer; if you were a translator, it would be something like “Translate x words” for a certain price. So what’s up? I recommend setting up a simple, skeleton project, and you can deliver that for a certain price. For instance, a functioning skeleton Android app — which opens, closes, and maybe has some sort of menu — can be a gig. So You will “Deliver a bare bones Android app” for $5. All features above that are charged separately, and you can add the most common ones as “extras” people can opt to get. Like “Google Account Login” for an extra $10, or “User profile module (including backend)” for $20. I’m writing random prices here, of course; you should watch the market and decide what price you can charge, and if that price is worth your while.
There’s an “extra” I want to warn you about: the “Extra Fast Delivery”. I was experimenting with enabling the extras and forgot about to disable this one. This caused me some major pain as a couple of gigs overlapped; this was exacerbated by the few weekly (and therefore few daily) hours I have allotted for this side business. This drove me to be working at a bad time while sleep deprived in order to deliver on time. One of the orders was late; but I did manage to warn the customer in advance, and there was no harm done.
Besides that, I’d like to point out something else: whatever you’re charging, Fiverr keeps 20%. The report is money after that 20%. They take a lot, really, but the fine grained segmentation of markets means you’ll likely be in the first 10 submitters for any given buyer request. Of course this means a lot for visibility. From what I’ve gathered in these few days, Fiverr is a higher volume, lower margin market.
I picked a very tight niche for my gig: write tiny tweaks and scripts. This made the pool of work available for me tiny; I think I struck lucky with the person who hired me – all the gigs were with the same client.
One last thing before the numbers: After you’ve earned the money, there’s a clearance period. My first order was on July 18th, and it clears on August 3rd. The rest of the money will clear little by little until the 12th.
|Online Income Report
And that’s it. I didn’t count the hours I worked on this. The first gig I took was underpriced in order to get me started as quickly as possible. I’ll see what happens this month; I’ve half a mind to use this funds, which will get transferred to PayPal, to fund side projects intended to generate passive income, and half a mind to keep full tabs of the money moving in and out of these little projects. Let’s see how comfortable I feel with this by next month. Oh, yeah, I mean to make this a monthly installment. Let’s see how that goes.