Several questions surround MVP development, but one that is frequently shrouded in mystery is ‘how much does it take to make an MVP?’
Many people have an idea that they wish would come true and become a reality as a digital product. Only a few are successful. Despite knowing that MVP is the best way to build a product, most people cannot move beyond their initial impressions and do nothing for the idea.
One of the elements holding them back is the ambiguity about how much it will cost them to get their idea off the table in the first place.
If you have an app idea but are hesitant to proceed with development because you are unsure how much it will cost to build the product’s first version, this article is for you.
In this article, you’ll find everything, including grasping the concept of MVP, its significance in cost reduction to cost-influencing factors to the actual cost of the building and how to calculate it yourself. So, let’s get started.
What Is MVP Development, and Why Do We Need It?
The MVP is the product’s first version, and it only includes the app’s basic features. Typically, these basic features round out the app’s essence and demonstrate its innovation capability.
Consider it a watch that functions as a run tracker, player, and audio organizer. It is still worth a look. That is how startups work: you illustrate the features that form the foundation of your product and create an effective product with the least amount of effort and time.
How MVP Development Can Help You Save Money
In the early stages, most product startups focus on MVP development. The primary reason is to save money. This method is quickly gaining popularity due to the numerous advantages it can provide. An MVP can help startups save money in a variety of ways. Discover how:
- Reduced Development Costs: You save significant money on development costs when you develop an MVP instead of a full-fledged product.
- A Faster Release Reduces Costs: An MVP can be created in four sprints or two months. It saves money on developer salaries, team costs, and other expenses because you only have to pay for a shorter time.
- Reduces High Initial Input: Developing a full-fledged product requires a significant investment, which may be too risky for any startup to make.
- Reduces And Mitigates Risks: Putting all of your eggs in one basket increases your risk. MVP development reduces the risk of startup malfunctions.
- Makes It Easier to Attract Investors: To launch their products, most startups require investors. However, attracting investors with just a product idea is difficult. An MVP provides you with a prototype to entice investors.
- Prevents Investing Large Sums In Products With No Market Need: Nearly 42% of startups and small businesses fail because there’s no market demand. You can test an MVP before releasing the entire product.
Costs of MVP Development: Factors to Consider
There are various costs associated with developing any MVP or any digital product for that aspect. Most of the expenses related to MVP development are something similar to product development. However, you save money on other costs associated with finishing the product. So, let’s find out all the prices for MVP development.
Team in charge of development
The larger the team, the higher the cost of MVP development. Furthermore, building an in-house team is higher than the cost of outsourcing the team. The MVP costs are determined by the number of developers on your team. Besides that, the charges of designers, testers, and other experts are included.
The Technology Stack
One of the most expensive costs is planning for the MVP’s technology stack. Most new ideas necessitate the use of cutting-edge technology. It would be helpful if you first determined which technology stack is required to make the calculation.
It includes everything from the programming language you select to the frameworks for coding the frontend and backend and any new technology you want to incorporate to improve its capabilities and functions.
Costs of Design
While most MVPs do not have a finished design, the UI must be flawless. It necessitates forming a design team capable of creating each screen of the MVP app. They handle navigation, button location, and other details to ensure a smooth user experience while leveraging the minimum viable product. It compensates for one of the significant costs associated with MVP development. It includes the following elements:
- Wireframing: This is the MVP’s main structure that consists of and includes a wireframe of the pages, how they are connected, their formatting, etc.
- UX Design: This is the stage at which you organize the design for the user experience (UX) and how they can access the minimum viable product.
- Product Design Preview: A prototype is an essential part of the MVP design process in which the design pursuits of the idea can be seen.
- Pages Engagement: This is where designers consider the interaction between pages and the navigation to get to each one.
MVP Development Costs After Launch
MVP development is a never-ending cycle of build, measuring, and learning. Your MVP development does not end with the creation of the prototype. As a result, the costs cannot be restricted to development alone. The expenses should also include the costs incurred after the MVP is released to the public. Here’s a breakdown of what’s included in the post-launch prices:
The cost of commercializing the product prototype is one of the high costs that arise after the launch of the MVP. As a result, most startups collaborate with a marketing partner to complete their marketing. All costs linked with marketing and advertising your product prototype are included in the marketing cost. These include things like:
- Marketing on social media
- Search engine optimization
- Paid advertisements
- Marketing at live events
- Influencer marketing for a fee
It is not enough to launch an MVP; it must also be maintained and supported in the event of a failure. This cost is roughly 20% of the original budget for MVP development. One must ensure that whatever price they have decided to invest in building the MVP, an additional 20% of that amount is available for maintaining the MVP.
Aside from that, there are a variety of other costs to consider after the launch. These are the costs involved with the servers, APIs, software licenses, etc. These costs may vary depending on the nature of the MVP product.
Choosing a suitable sales pipeline is essential for the post-MVP launch process. While it is necessary to find the right distribution platform and pay for the launch, it is also necessary to find the right platform on which to launch. This launch is also complex and expensive.
A team of analysts and other specialists assembles to evaluate the success of the prototype you’ve created. They collect feedback from innovators and early adopters and analyze it to determine the changes that need to be made and the features that should be included in the upcoming version of the product.
At Intellinez, we’ve helped several startups, organizations, small and medium-sized businesses, and product companies launch their MVP quickly and cost-effectively. If you’re searching for a technology partner to assist you in building the early stages of your product, we’re the product development company to consider. We provide MVP development services, but we also help companies of all sizes scale their products. From the start, we can be your partner, providing ongoing technical assistance as you climb your MVP into a great outcome.
The cost of developing an MVP will vary with every product idea. Contact our technical advisor to avail of the best estimates for your MVP development.
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