What would you do for just $5? Well, there are plenty of people across the web (and the rest of the world) who are perfectly willing to do practically anything for $5. That's thanks to a site known as Fiverr.

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Fiverr is an online marketplace that allows people from across the world to offer tasks and services (gigs) to potential clients. The site gets its name from the lowest amount that each user can charge for gigs to sell, which is $5 USD. This is known as a "microtransaction" website. Fiverr is the largest in the world of its kind.

Even though most gigs are priced at $5, their services generally range between $5 to as much as $500. The site also allows users to offer Gig Extras or peripheral features (add-ons) that complement their main gigs.

All sorts of freelancers and hobbyists use Fiverr to, well, make money. Some users are even quite lucrative on the site, thanks to their Fiverr gigs. Don't be fooled by the low price of gigs on Fiverr though. Many sellers make a lot of money on Fiverr. Though, you're probably wondering to yourself, how do you make money on Fiverr in the first place?

Tips for making money on Fiverr

Anyone can make money from setting up a few Fiverr gigs. Though, a lot of people find it difficult to actually keep making money on the site. So, to help out, here are some tips from Fiverr experts that may help people like you make money on Fiverr.

1. Provide a unique service or, alternatively, provide a service that you know others can use. By now, there are many users on Fiverr doing similar gigs-don't let that stop you, though. As long as you have something that people feel comfortable buying, you have the potential to make money on the site.

2. Find gigs to sell that you can do repetitively. Most of the Fiverr gigs you complete will be the same gig. If you can't handle working on the same gig for different clients, you won't be able to take advantage of the opportunity.

3. Deliver your Fiverr gigs well ahead or on time. They say to under promise and over deliver for any gig, and that rings true for Fiverr gigs. It's important to be honest about your delivery times on Fiverr, so your clients will understand how long you may need to complete the gig. Don't forget to do your best to provide a quality gig-many of the best Fiverr users get repeat customers for that reason.

4. Optimize your Fiverr listings. You can't just make a plan Fiverr listing-take the time to add photos, videos and a keyword-optimized description to your Fiverr gigs. Taking time to ensure that your listings are 'visible' will allow more people to find them and, well, buy them.

5. Work towards becoming a Level 1 Seller. Fiverr has seller "levels", each with their own unique set of perks like the ability to add Gig extras. The most important thing about these levels however, is that they place a badge next to your name and gigs which allows buyers to trust you more. Getting to level 1 is not difficult. It only requires you to be a member on Fiverr for at least a month and to complete 10 orders.

6. See what your competitors on Fiverr are doing. Take a look at the gigs that are similar to yours that sell the best. What keywords do they use? What gig extras do they offer? What kind of gig photo or video do they have? Use this as inspiration for your own gigs and to get ideas.

If you always wanted to turn a passion, hobby or skill into a great side-income, Fiverr is a terrific place to start. It's free to sign up and to use. Fiverr does take a 20% cut from all your earnings so it is something to consider when starting your money making journey on the microtransaction website.