It’s not enough to have an app idea and expect it to be successful in the blink of an eye. Hundreds and thousands of business ideas come to entrepreneur’s, but only a few are worth investing into and very few find success.
Most business ideas fail because the companies fail to survey their target audience. Ask the people whether they need the product you are trying to sell, does it offer a solution to their current problems, is it convenient and accessible?
If your product answers these questions, the chances of it succeeding are substantial.
Here are three categories to classify your product:
- Minimum – the least required to get things going
- Viable – the product you can create when you are a thriving enterprise with the funds to finance a big project.
- Minimum-Viable – the perfect product for startups to build. Useful and within your starting budget!
Launching an MVP app is a strategic move for startups instead of releasing a full-fledged mobile app with all its features ready for use. Not only is an MVP financially viable, but it will also save you development time and identify the risks involved with the app.
What is MVP?
Eric Ries, the author of ‘The Lean Startup’ defines MVP as a variation of the final product that allows you to collect relevant data about your future investment with minimum effort.
MVP stands for Minimum-Viable Product. An MPV means that you will launch a product with the bare minimum features that are core to the design and function. MVP development incorporates only the fundamental attributes and the standard UI/UX of the app.
The idea behind launching an MVP is to determine user reactions to the product, examine their interactions, and demonstrate the purpose of the app in users’ lives. In a nutshell, it is a way to validate your app before you launch the final product, to record user feedback, and improve the product. It saves you from massive failures and plays a crucial role in raising funds for the final product.
Is it Necessary to Build an MVP?
MVP mobile apps give you a way to gather consumer feedback, analyze their reactions, and evaluate their willingness to purchase your app. It’s a shortcut into the market that will provide insights into the potential and viability of the product your startup plans to sell.
· MVP is the Essence of an App
It incorporates only the core features of the app, skipping the secondary attributes that are not fundamental to the design. The sole purpose of an MVP is to give the user an idea of what the app will be like and how it will function when fully launched. It will help you build an audience without taking risks.
· It Helps You Skip the Guessing and Move on to the Winning
Running a business is not guesswork!
Establishing a startup requires proper research and planning throughout the process, from the initial investment to the final launch of the product. That means a lot of time and funds go into the development.
An MVP would help you skip all the doubts about the worth of the application. You’ll know the demand for the product in the market and its helpfulness to the targeted users. Identifying the features that appeal to your audience will also help you finalize the design to fit what they will definitely love.
What is an MVP Mobile App?
An MVP application can be summed up in the following points:
- It is a fully-functional product with just enough features that are essential to the functioning of the app.
- Developers add new features in phases so that not a lot of funds are spent all at once.
- The limited spending tactic means that you have enough money to launch the second phase with a few alterations to the design if the initial version fails.
- It is false to assume that an MVP is an incomplete product that is finished with time after customer feedback.
- The exact definition of a minimum viable product is a complete product that undergoes a few alterations and additions over time.
Factors that Influence the Cost of an MVP application
The total price of an MVP depends on the following attributes:
- The timeline to develop the product
- The complexity of the MVP app design
- The number of features to add
- The platform, Android, or iOS?
- Whether it is a Native or Hybrid app
- The hourly rate of the company you hire - An Indian Mobile App Development company could cost up to $20/hour, whereas a U.S.-based development agency will charge $250/hour.
· The Complexity of App Design
Developing an MVP will be challenging if the final app is complex. At the initial stage, divide the features into three categories:
- Must-haves – these are the attributes that are essential for the app to function. For example, for a delivery app, you need to include the registration process, payment gateways, third-party integration, and more.
- Added to increase its appeal – the features you add to improve user experience but are not vital for the functioning of the app.
- Unnecessary for app function – They increase the visual appeal of the application but don’t bring any additional value.
It is crucial to keep your MVP’s design as simple as possible with the bare minimum features, keeping the costs low. You can add more features after analyzing the users’ feedback and the market worth of the MVP app.
· MVP Design Cost
- Sit with the team and have an outline for the process. Before starting the development of the MVP, draw the blueprints to have an exact idea of the entire process and what you want for your app.
- Develop the wireframe, the skeletal framework, that will help you understand how the MVP will look with all its essential aspects.
- Design a prototype of the MVP to help the clients have a visual of the final result, so you can know how they feel about it.
- Work on on-page interactions after you have a prototype to retain your users and improve their experience with your app.
· MVP Tech Stack
The technology stack you plan to use for your mobile app is another critical factor that will influence the cost of the MVP. It depends on the platform of the app, Android or iOS, and whether it is hybrid or native.
If you’re not technically sound, it’s better to consult the development agency you hire to determine the tech stack suitable for your MVP.
· MVP Launch Stage
Timing is the essence of the success of the business. Deciding the stage for when and how to launch an MVP is critical to your total cost and gaining insight into your users’ minds.
The timing is essential because the more you delay the launch, the higher the price goes for the MVP app.
How Much Does an MVP App Cost?
The cost of your first product is the deciding factor for its completion. But it should not be the sole factor you consider.
Its usefulness for the target audience, the potential to generate ROI, and increased user engagement are all reasons to continue with a viable app idea. Developing an MVP mobile app will answer your queries. But what makes it even more feasible are the low development costs.
Many factors influence the total cost of an MVP application. You’ll know the value of an MVP app when you have an understanding of how the rate is calculated and the price of developing a full-fledged mobile app.
There are various ways you can go about to create your MVP app:
- Develop it yourself
- Hire a freelance developer to design a prototype
- Outsource the MVP Development
- Hire a mobile app development company
The method that you follow will determine the final price of the MVP app that is calculated based on the hourly rates. So, the cost differs and depends on the type of project you have. Additionally, if you hire a freelancer, it will be affordable than working with a mobile app development company.
However, hiring freelancers comes with a lot of problems, such as communication barriers. With the developer sitting somewhere offshore, it’s challenging to contact them if the given number doesn’t work or their Skype ID is unavailable.
Teaming up with a full-fledged mobile development company means you have the company’s registered contact information available on the website. Additionally, you can also contact the team directly.
Here is an example to understand how much it could cost you to develop an MVP if you choose to work with a development company. If the minimum time to create an MVP app is one month and the hourly rate, $30/hour, then:
40 hours * $30 = $1200 is your weekly cost.
$1200 * 4 = $4,800 would be the monthly cost.
Multiply the value by the number of months it takes to finish the project, and you’ll know the total price.
Develop Your MVP Mobile Application!
Creating an MVP is a crucial step for a startup to mold the foundation of your company and mobile app among the competition. The Minimum-Viable Product will determine the market worth of your idea, how the consumers will react to it, and whether it is something they are willing to invest.
After you have your data and the validation for your project, you can add features to the MVP until it reaches the final stage you intended. It means that as you set the budget for your mobile app development, keep in mind the cost for the MVP development.
Share your app idea with our experts and develop your MVP mobile app right away!