Can i live from fiverr for the next few years

[adnansanri]

Hello !
It s spend a long time since i was a buyer on fiverr from 2018, i had never had months when i got nothing, always got a decent amount of orders,sometimes good sometimes bad, but i still earn my monthly revune and i was never needed on the money, as we all know, fiverr gigs sometimes up sometimes down, when it s down i still get some client from outside and the gig get up again so all good, i m full time seller on it and my niche is graphic design, so my question is can i live from it for the next few years ?
Thank you

[jonbaas]

6 hours ago, adnansanri said:

so my question is can i live from it for the next few years ?

You are the only person who can answer this question for yourself. We have no ability to see your future.

[adnansanri]

9 hours ago, jonbaas said:

You are the only person who can answer this question for yourself. We have no ability to see your future.

Yes i see, only i just feel insecure about it sometimes... and it s got me to overthinking..

[atawin]

You may be able to estimate this for yourself. 

Here is a general guideline you might find useful, tweak the formula to suite your needs.

Take your desired income needed to live how you wish. Multiply by 1.3 to help account for underestimating factors. Divide by .8 to cover Fiverr fees. Divide by .9651 to account for merchant fees like credit card transactions. Add 0.49*(number of anticipated transactions for the year) This again is related to merchant fees. Divide by .75 to account for taxes.

These numbers are general and your situation will differ. An example of how the formula would play out would be something like this:

Desired income needed to live per month = 100, so per year it would be 1200

1200*1.3=1560

1560/.8=1950

1950/.9651=2020.52 and let's say you are doing 4 transactions per month so 48 transactions per year @ .49/transaction

0.49*(48)=23.52 and we will now add that to the previous number

2020.52+23.52=2044.04

2044.04/.75=2725.39

So for the example given in order to live at the desired rate of 100 per month, you would need to make 2725.39 per year in sales, or 2725.39/12= 227.12 per month in sales from Fiverr.

You would then look at the average order price, and average number of orders per month.

Plug in your numbers and you should get a good idea of if this will work for you or not. 

[visualstudios]

On 11/2/2022 at 12:29 AM, atawin said:

2044.04/.75=2725.39

So for the example given in order to live at the desired rate of 100 per month, you would need to make 2725.39 per year in sales, or 2725.39/12= 227.12 per month in sales from Fiverr.

Jesus, that's ridiculous. To make 100 per month needing to sell 227 is absurd, that's over 50% loss. That's just robbery.

[adnansanri]

100what ? i make about 1000-1500$ per month

[atawin]

9 hours ago, adnansanri said:

100what ? i make about 1000-1500$ per month

I didn't use a currency on purpose, it does not seem relevant.

I used 100 on purpose so that you would have an easy number to work from as a base to scale to your needs.

There should be enough information included in my original post for you to plug in your own numbers to find an answer to your question.

However, I will assume you are being genuine so I will make a final attempt to supply a genuine answer. 

If you make 1000-1500$ per month in sales your formula would look something like this: 

((((((1000+1500)/2)*(0.8))*(.9651))-(0.49*65))*(0.75))= X

-----

If X above is more than you need to survive per month then on average you should make enough. If you want to be safe use this formula instead to account for your worst months:

(((((1000)*(0.8))*(.9651))-(0.49*65))*(0.75))= X

-----

If X above is more than you need to survive per month then on your worst month you should make enough. If you want to be safe use this formula instead to account for a buffer of 30% more needed in a given month than expected:

(((((1000)*(0.8))*(.9651))-(0.49*65))*(0.75))= X/1.3 = Y

-----

If Y above is more than you need to survive per month then on your worst month, and with an unexpected increase of expenses you should make enough. 

------

If your 1000-1500$ per month is after fiverr has taken its 20% do the same formulas without the *(0.8)portion but keep the other points if they still remain relevant to your scenario.

If your 1000-1500$ per month is after your credit card/merchant processors have taken their fees (or in the event you do not have this scenario) do the same formulas without the *(.9651)portion and also without the -(0.49*65)portion but keep the other points if they still remain relevant to your scenario. If your merchant processing fees are a different amount than 3.49% + 0.49$ per transaction and/or you have more or less transactions with said merchant than 65 (65 is just an arbitrary number here) adjust the figures above to suit your scenario.

If your 1000-1500$ per month is after the government has taken its 25% taxes do the same formulas without the *(0.75) but keep the other points if they still remain relevant to your scenario. If your tax obligations are a different amount than 25% (25% is just an arbitrary number here) adjust the figures above to suit your scenario.

(0.8) = Accounts for Fiverr's 20% transaction fee

(.9651) = Estimates a Merchant Transaction Fee

(0.49*65) = Further Estimates a Merchant Transaction Fee and assumes you are being charged 0.49$ per transaction with merchant and performing 65 transaction with that merchant per month

(0.75) = Accounts for a 25% governmental Tax

Alter these numbers as they apply to your scenario and you should wind up with a decent idea of how you are looking.

[jonbaas]

59 minutes ago, atawin said:

Alter these numbers as they apply to your scenario and you should wind up with a decent idea of how you are looking.

That's a lot of unnecessary math.

[shalock]

5 hours ago, atawin said:

((((((1000+1500)/2)*(0.8))*(.9651))-(0.49*65))*(0.75))= X

If it works for you, awesome but it think is simple to say that everyone knows how much they need to sustain their livehood, so that's the amount you need?

This is so complex depending the country and personal issues on your live that only yourself can answer to that without melting your brains with those maths 

[kaneswriting]

It really comes down to a question of math. Determine what your monthly expenses are on a monthly basis and then multiply that by twelve. This calculation will give you the yearly minimum you need to receive from Fiver in order to live. It's true that some months are better than others, so it might be worth considering picking up something on the side to help in the quieter months. I use to drive for Uber Eats and that was a great way to earn a bit of ash when it was needed.