MVPs are the best way to attract the investor towards your company, but it takes cost in the development. This spend depends on numerous elements. And if you know about them then you will be able to easily avoid your unnecessary expenditure as well as reduce the MVP app development cost.
You have to make a strategy about your budget and this will support you to avoid a budget crisis. In this article, we are going to discuss what is MVP. And how essential MVP is for startups, and the factors that can affect the price to design an MVP. This will provide a rough idea of the entire MVP design cost.
What is MVP? What are the Reasons to Build an MVP?
MVP whose full form is Minimum Viable Product is a working form of your app that meets the minimal necessities, i.e., features operations that permit the product to meet its predefined prospects. In simple words — the MVP is a kind of working app in the easiest form. With the support of MVP, the team can gather essential feedback as well as implement modifications if required.
In the modern world, 90% of start-ups are going fail within completing a year and only 10% are going to survive. The major reason behind it is a lack of market demand for their product and they don’t have proper knowledge about it. MVP is a great way to identify it. By developing a Minimum Viable Product, you will come to know about the undesirable features of the product as well as you will be able to understand the requirement of your target audience and you will know how much your product is demanded in the market.
You can utilize the MVP for your product to the market quicker and simpler, the vital features of MVP features can fulfil the customer needs. You will be able to save your precious time and test the market as well as enhance your product to reach product-market fit with the support of MVP.
Cost to Build MVP App?
Lots of start-ups are acquiring MVP development in the primary stage and the major reason behind is cost reduction. This method is getting trendy just because it is offering various advantages. There are various ways in which an MVP is supporting to start-ups to save their expenses. There are some points are given below through which you will be able to decrease the MVP development cost:
Hire Freelancers
You can hire freelancers and this is the cheapest way to develop the MVP. You can find out them on websites like Upwork, Freelancers, Fiverr, etc., and also find the appropriate developers for you but one thinks you have to keep in mind is that they can give up or run away from the work if they find it difficult or too challenging. So, if this happens then it is not good for your business so to overcome these kinds of issues and to manage all these freelancers you can play the role of the project manager in your business and you have to keep in touch with them and constantly communicate with them to fulfil your project.
You will have to spend some time coordinating with them. So, if you want to hire a freelancer, we recommend that you should look for someone experienced person. Overall, you have to find some trustworthy developers to fulfil your project.
Building an In-house team
For your MVP development, it may be an expensive and risky way. You will have to kill time and bear the cost of hiring a team and your budget may be jumbled in the initial stage because for this you will need to fill positions like designers, back-end developers, front-end developers, etc. And after hiring the team, you have to consider the expenses such as monthly salary, office rent, taxes, tech equipment for the development tasks, etc. If you are ready to bear the cost then this will be the best option for you.
Hire a Local Team
Hiring a local team may be the best option for those organizations that don’t have the proper space to set up an in-house team.
You can find a local software development company to build your MVP. In this scenario, you will be able to save expenses like the software/hardware, infrastructure, and the developer’s payout could go around$100-$200 per hour. Let’s suppose that the average cost will be around $150 per hour for all team members so according to the app development cost calculator your MVP development cost can go around $192,000.
Outsource MVP Development
You can outsource your MVP development project and handover to companies which are experts or specialise in MVP development. It is the most practicable and commonly followed way to build a minimum viable product. When you are choosing this option then some points you have to keep in mind are given below:
- You can check their team management because it is important if you want your project on time.
- They should charge a reasonable amount for your project which should be according to your budget.
- You can ask them for past experience in building MVPs or can ask for samples.
To find genuine and trustworthy outsourcing companies, you can visit their websites, and check the services they offer with the case studies as well as feedback from their previous clients so these all things will support you to understand their field of expertise.
Factors Affecting Your MVP Price
Scope Of Work
The scope of work is a major factor that can affect seriously the MVP price just because of its two elements. Firstly, the features which will be contained in the MVP and second thing is the difficulty of execution of such features. These two elements play a vital role in MVP development. The only limited features that should be included in the MVP that supports make it feasible to function and execute an idea. And, honestly, it may be the most complicated section. Everybody has different takes so it may be challenging to point out the features that create this core of the product.
At Groovy web, we generally discuss with our customers the best option to develop their MVP which is budget-friendly as well as time-saving. We suggest to our clients the best way to build their modern MVP that will be under their budget capacity and limited time without compromising the quality of their project. They talk to the clients and understand their complete idea and ask them about the advantages of a potential product. They are one of the best MVP development companies.
Time Of Development
Time is another major factor that can impact the overall cost of MVP development. The expert organizations take 1 to 3 months of average period to develop the MVP for the customers. This limited period supports the co-founder’s design of a viable product, which will announce to the market before anybody will understand the idea.
Complexity Of UX/UI Design
The design of the user interface is also an important factor which is capable to affect the cost of MVP development. So far, occasionally a simple design allows us to develop a cost-effective MVP. Although, the design considers an important core of an app and a much more complex design may be essential with 3D elements, animations, as well as other custom attributes.
Hourly rate
Hourly rate set-up is very beneficial because the pay-out is depending on the actual work. The hourly rate is completely depending on two factors qualification level of developers and the geographical location.
Geolocation
Too many times the team’s location can affect the level of payment probably more than the qualification or other features, it may be shocking but this is the reality. The reason behind this is that the $50 may be varied for the people of Poland, the USA and Taiwan according to their living standards and their currency.
In simple words, the monthly salary of an American developer is equal to the 6-month salary of a Belarusian developer. This is the best example which can support you to know how hourly rates can vary according to the geolocations in MVP development.
Qualification level of developers
The knowledge, as well as skills of the development team, can also affect the cost of MVP development. For easy understanding we have divided to developers into 3 groups according to their experience:
- Juniors who have to experience up to 1 year.
- Middle (from 1 to 5 years) – the good choice about the ratio of cost to result.
- Senior is the most experienced person and they can charge according to their knowledge and experience.
Third-Party Apps Integrations
Occasionally it is not necessary to make a feature right from scratch because it is quite simple to integrate a convenient solution and some modified features. Although, it also takes time to build the integration so that might affect the budget if your MVP contains integrated features.
Number Of Platforms
Which platform are you utilising for the development of MVP and all the platforms like iOS, Android app, and cross-platforms as well as for the web app the budget or the cost of development may vary.
Team Size and type
The bigger team can make the MVP development cost higher. Additionally, building an in-house team than an outsourcing team may also be a costly option. The MVP development budget is entirely dependent on the number of developers you have involved in the team.
Conclusion
Calculating the MVP development cost may be easy if you are clear with your targets. In the above article, we have seen that the cost of MVP development depends on different factors like several platforms, the scope of work, or integrations. For all app categories, there is a usual market cost. Furthermore, you can contact the experts to get the exact estimate of your MVP project.
Once the development of the MVP app has been completed so after that you may take the next step towards designing a full-fledged version of the application. You can also make the public to your MVP to get important and useful feedback and reviews from your targeted audience. It can support finding the important modifications in the app. So, If you are interested then you can contact one of the best MVP Development Company, Groovy web and they can also provide a quotation for your project.
