Do you like finding deals and or helping people out? There is one way to make money that people have used for years. It really is not that difficult to do. It does take a little time to do it at first, but once you learn how to do it, you are golden. This is where you find a project someone wants to get done for a set price. Find someone to do it cheaper and you keep the difference. This is called project arbitrage.
How to Make Money with Arbitrage
Okay, we are not talking about currency arbitrage, but project arbitrage. The principal is the same though. You find someone who is willing to pay for something at a fair price. Then you find someone that will do that project for a cheap price. As I said above you keep the difference.
Let’s say you find someone who wants a template for a website done. They will pay $100 to have this template made. Great! That is a nice little project and something you can find someone to do the work for probably less than that.
The first place I would look would be Fiverr. It used to be all projects were for $5 dollars. Now they have all kinds of levels. It is a great place to find deals for projects to be done. Obviously, you will want to make sure they are giving you quality for the price though. Look for people with high ratings and check the feedback.
Other Places to Get Deals
Depending on the project you can find good providers on Upwork and Freelancer. These places are going to cost a bit more, but they will also typically be better quality. I have used Upwork on a number of occasions for different jobs that I wanted to be done. It is simple enough to use. You post a job and workers post their costs to do the job for you.
It is also a good idea to put a question that all people must answer when they are applying for the job. This makes sure people are looking at the posting rather than just applying for everything they see. After all, if they are not looking through the job post really what kind of job will they do for you.
I would normally say something like this, “Only people who answer this question will be considered for the job: What number comes after five?” You want to bury that question in the middle of the post. It works great to start weeding out people.
Where to Find Projects
There are several places you can find projects for arbitrage. Craigslist or local publication are great places to start. Look for small jobs. Then see if you can use someone in one of the above, mentioned places to do the job for a profit.
Don’t order the work until you talk to the buyer. When talking to them, tell them you have a team of people that can do this for them, but you want to get all the details to make sure it is a good fit. Do just that, get all the details. If it is a logo they want for example, then ask about colors, sizes, if they have examples of something similar to what they want, and make sure what they want it for, ie website, email, building sign…
Once you have all of the information go back to your list of works and supply them with the information and buy the work. They will give you an approximate completion date. Communicate with the buyer and let them know when the project will be done, and that you will keep them posted.
Finally, once everything is done to submit the finished product to the buyer. They may want some minor changes. That is okay, most sellers let you have 2-3 revisions before it is finalized. You are a middleman and that is your job. Make sure you keep clear communications with both the seller and the buyer.
My Final Opinion on Project Arbitrage
I think this is a great way to make some money from home. It takes a bit of time and skill, but you can quickly gain those skills just by doing it. If you use Fiverr at first worst case it will cost, you $5 to $10 and you can really have a good profit margin, so it is worth learning how to do.
This is something you can do as many times as you want. There are other places such as local publications as well that you can find buyers. Choose all of them carefully as well as your sellers.
Maybe this isn’t for you, that is okay I just wanted to give you another option of how to make money from home. You can see how I first learned how to make money online through my top recommendation.
If you have done this before please leave your experiences below as well as if you have any questions.