MVP (stands for Minimum Viable product) can be defined as the smallest possible thing that can be done to prove a set of hypothesis about a business idea. If you want to build the next big thing you should find a team to build your MVP. However, there are many factors involved such as – cost, quality and duration of developing the MVP. Cost of building an MVP is considered as a crucial factor compared to the duration and quality of project.
Before we dig into the title of this post, first let us see what is MVP?
The MVP term was originally coined by Frank Robinson, who was CEO at SyncDev. MVP is basically a prototype or product that includes the core features without any advanced tools. MVP is not an initial step in project development, but can be considered as initial product. It is a common practice for startups and there are several reasons to build this. Some of the reasons to build an MVP are:
- Consumes less money
- Reduces risks
- Makes it easy to enter the market
- Provides genuine feedback from target audience
To develop an MVP, you have to first build a marketing or business strategy with detailed specifications of project idea. Using simple tools is highly recommended and it will make the work much cost-effective. Building an MVP is a commonly used approach in IT industry and this is a good starting point for startups. A well-established business may need an MVP when trying to build new product.
Whether you are developing a mobile app or website, you should start it with an MVP. There are different types of MVPs and hence the cost of building MVP varies. Some of the general types of MNPs are – Mockups, Wireframes, Explainer Video, Website, Mobile app, Software prototype, etc. There are several aspects to consider that help you make a decision on what type of MVP you should build.
How to calculate the cost to build an MVP?
There are different ways to continue with such as – hiring individual freelancers, managing the development yourself, hiring a software development company or mobile app development company. Most of these options need some investment and you should establish a concrete budget you are going to spend on your MVP.
Many people are not aware of the cost of developing MVP. If you hire a freelancer, he may quote you around $3,000 or maybe $5,000. While a reputed company with experienced team of developers would quote between $5,000 and $50,000. This difference in cost is huge and you might have a confusion whether to choose a freelancer or reputed company to build an MVP.
At this stage, it is important to know how to choose the right freelancer or an app development company. Once you find the right option —- share your requirements and budget details so that you can have a well-planned discussion with the MVP builder. Usually, mobile app development companies tend to provide valuable feedback and details on the process that is suitable for building your MVP.
There are several aspects based on which you can decide which type of MVP is needed. The duration of first version of MVP should not be more than four months. It should be noted that this time includes development and other designing aspects. If you consider that the MVP pricing is based on timeline of 2-4 months, there is a possibility to calculate the budget by referring different mobile app development companies. The price may vary from $15 to $75 per hour. Let us assume that the mobile app development company works on your project for 2 months at a price of $20/hour and taking 40 hours per week. We will get the below calculations, if one employee works on your project. The amount may go up, as the number of employees working on your project increases.
Cost per week – 40 hours X $20 = $800
Cost per month – $800 X 4 = $3200
Cost to complete the project (2 months) – $3200 X 2 = $6400.
The initial budget varies a lot and depends on the company’s hourly rate as well as the number of developers involved in your project. For instance – if your project is built by 3 software developers, the price may triple. However, based on the above calculations, you may get an understanding of rough sum. If you ask a mobile app development company, the cost will vary between $5000 and $50000. This can be considered as the average cost to develop minimum viable product, but depends on the complexity of the project. Each one has its own specifications that influence the timeline and budget of the MVP development.
If you have decided to stuff the project with impossible things, the time for development will definitely increase. The set of features and requirements should be limited and be possible to achieve within 2-3 months to meet the above stated budget.
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How to choose the right technology for your MVP?
Once you have got an idea of approximate budget and timeline of MVP development, the next thing you need to do is to set and identify approximate technology stack. If you are a techno guy, you might have identified appropriate technology stack. However, if you are not much familiar with latest technology, you can ask for recommendations and see what they can suggest.
When planning to build MVP, you can even consider using some ready-made solutions that can be integrated easily. But, if you want to avoid unexpected difficulties in future — you should go to native solutions. This way, you can be sure about the quality of the project and its future growth. We highly recommend using a reputed technology stack and make the final decision. Don’t hesitate to build a MVP for your startup project, as it will prove to be highly beneficial to establish a successful project.
The functionality of MVP is based on the actual solution to the problem. There are several target audiences who can be comfortable with a single business plan or feature. When talking about the B2B approach, you will likely have to show a complete look that makes a good impression on the audience.
MVP can be considered successful if it allows testing. Limiting the project’s size before building the actual product will give you a room for mistake and helps you save resources. In short, MVP can be described as a project with minimum effort and maximum result. MVP contains all the core features that need to be tested with live audience. Surveys show that more than 60% of features and services are unpopular among users and hence, conception of MVP helps to mark necessary features as well as reduces time of launch.
A good MVP developed by a top app development company would cost around $10,000 – $30,000 depending on the complexity of project. With project managers to developers who communicate and manage the process, mobile app development agencies offer extensive services. They have well qualified staff that can make sure that your MVP is as best as possible.
As there is a great difference in MVP pricing, you can pay on time or lock a particular price, as you know that you will not spend anything more than that. If you want to minimize the risk and increase the chances of a successful MVP launch, you should consider locking the price and define the specifications clearly.
MVP can help you establish your idea which may be laughed off by people when you have nothing to show. So, what kind of an MVP you are looking at? Submit your requirements to a top app development company like Promatics Technologies and know the project scope, quality, timeline and cost.