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Make Money: $5 Per Gig

Everybody's got a price, the saying goes. And one new website suggests that for some, the magic number is $5., an 8-month-old Web site, connects service providers and buyers for $5 tasks. The company boasts listing more than 150,000 different services and 1,500 new offerings per day.
For example, "Dougblackjr," recently offered to "write a song in your honor and post it on YouTube for $5." "Hibari_Kyoya" says "I will design a Halloween banner for your website for $5." Not a bad side gig.
Intrigued, I called up the co-founder and CEO, Micha Kaufman, for more details. Here's our excerpted conversation.

So, why $5?
The number five is a convenient number. We though of a number that for buyers would not be something you need to think about three times before spending it. Most people can afford it. For sellers, [for $5] they can provide a service on a repetitive basis ... and make a lot of money.
What's a lot of money?
A lot of our sellers who take their work seriously are making thousands of dollars a month.

If I want to make $5, what are the most successful listings?
Small business services. For example, offering to design a logo for a business, doing social marketing, promotions, producing a video for a business, writing a press release. Also, a lot of SEO-related work.

Sounds time consuming. I'm not sure I'd do SEO-related work for five bucks.
Fiverr is good for experts that know how to do [a service] and can do it in a quick turn around.

How do people connect on Fiverr?
If a user sees a service that he would like to order, he pays $5 in advance. Then the seller (or service provider) gets a notice of this order and they can through our system to communicate. They can exchange details, files. They can remain anonymous. Once the service provider provides the service, the buyer confirms it and then the seller gets paid.

How do you control junk service listings and fraud?
The site is very heavily moderated. We have a number of editors that go through the content and check it.

You say kids use this site?
We're seeing quite a lot of kids who, with help from their parents, are providing simple services as a way to earn their allowance. And they're doing extremely well. Most of them are offering to do reviews or video segments for your business. We have two brothers whose dad has professional video equipment and they help create short marketing videos. They're doing great.

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Photo courtesy: LateNightTaskForce's photostream on Flickr