HOW MUCH DOES IT COST TO CREATE A MVP?

Kevin Bhut
Jul 25, 2017 · 5 min read

Do you have an extraordinary application thought yet you don’t know whether it demonstrates effective in the Mobile application market?

Or, on the other hand, would you like to get the investors for your application yet they are keeping away from you because of poor representation?

Perhaps you have an immense estimation for the application however despite the fact that you have just $5,000 or $10,000, regardless you need to try it out without taking a chance with code’s low quality?

On the off chance that any of these situations is valid, the solution for your inquiries is MVP. Check what the MVP is and what amount does it cost.

What is Minimum Viable Product?

A MVP (Minimum Viable Product) — is an application that has the required least abilities to look at it available yet it doesn’t contain any extra or optional functionality, just the core ones.

According to Eric Ries, the co-founder of IMVU and one of the main apologists for the customer development theory, an MVP stands for “version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort”

MVP Mobile application should not be mixed up with things like demo, model, or beta adaptation.

  • A demo is a demonstration version, always limited by time or functionality.
  • A prototype is a very basic version of an app, which includes basic functionalities but lacks the graphic design and cannot be shown to final users.
  • A beta version is an unfinished version of the product, which includes errors that are detected and corrected by users during the beta test.
  • In comparison, with MVP you get a complete product, without any serious bugs or limitations, but with a minimum set of functions.

Why MVP pays off?

So why should I consider building an app which is not the final product, you may ask. Let’s consider a number of its best advantages.

1. Finding investors for your idea

Do you really feel that there are an incredible number of investors in the world who are waiting to pay huge amount of money to get equity in your app? In case your idea is unique, maybe there are. But you have to first get their interest and that’s not something you achieve by mailing them another wordy email, without mockups or wireframes. Investors want to really see the product, they are investing in. Thus a fully working MVP can be considered a perfect possibility to get their attention and multiple the amount of money you invest in your app.

2. Testing and bettering your idea

An additional extremely important function of an MVP! No idea is perfect from the particular beginning. There are always things you haven’t thought of and issues that only a final end user can see. Preparing an MVP version of your app is a perfect way to do the market research and decide whether your app needs advancements.

3. Little risk attached

Sometimes you aren’t sure whether your potential users will truly respect the app concept you have. Wouldn’t be good if you may just attempt it without risking too much cash? Well, you can. With an MVP you don’t make investments big sum and you can constantly enhance your concept or go away it if it doesn’t show successful.

4. preliminary earnings

Some commercial enterprise models permit to earn money on an application from the very starting, even though it still to be an MVP. Wouldn’t it’s extremely good to create an app that you can make money on and enhance it later, while you upward the funds?

How to start off with an MVP?

Good enough, so you want to develop an MVP first. But from where to start? Follow the below list and you won’t be misplaced.

1. Formulate a speculation for testing

Will people like the idea of sharing videos that disappear inside 24 hours? Can common people beings come up with a taxi drivers? Is a carrier where you proportion best 140-character messages a good concept? Understand those apps? Check your speculation basing on this scheme.

2. Select the functionalities

What features need to your app have? Write they all down. Then, set priority them and listing them in terms of significance to the primary purpose of your app. Choose those which are simply critical to the main idea of your app.

3. Develop an MVP

It can take from 2 to 4 months in case you hire a strong development team. Depends on the type of the idea and list of the functionality.

4. Launch and release your mobile app

That’s the huge day of your application. Placed it in app store, advertise it and check how users react on your concept.

5. Test your assumptions

If you have the app launched, record users’ remarks. Focus on discovering the important thing product strengths and bottlenecks. Then, technique the acquired statistics, flip it into a new listing of speculation and product capabilities and put into effect adjustments into your app concept.

What does the price depend on?

Just like with the regular app development process leading to a final product, the price of an MVP depends on the number of hours spent on developing it and the price per development hour. They, however, depend on several factors shown below.

1. App type

MVPs are as different as apps in general. Some ideas are very complex and so will be an MVP, some are quite simple. The most time-consuming and pricey elements of an application include:

– Third-party API integrations,

– Billing and payment integrations,

– Database encryption,

– Advanced admin panel with powerful analytics.

2. MVP launch stage

At which stage will you take your application to the market? Do you need just one or two functionalities to show users your idea? Or should it be more complex because otherwise, users won’t get the whole concept? Will it be 30% or 80% of the final app? If you are not sure, ask your developer which functionalities should be the core, and which can be skipped in the MVP phase.

3. Software house or freelancer

That’s true — freelancers are generally cheaper. But there are not many people in the world who can design app’s architecture, create its UX and UI and code an app — these are just too different skills for one person to master. Also, freelancers cannot always be trusted as they do multiple projects at the same time and in case of letting you down, it is almost impossible to make them take the responsibility. With software house, you have a whole team and a Project Manager to take care of your project. They also have a certain reputation to keep so they just cannot afford letting you down.

4. Part of the world

Outsourcing overseas can be a good idea if you want more competitive software development prices that in the United States. Especially, Central and Eastern Europe can be good outsourcing destinations if you want to save some money but keep the high quality.

Do you want to develop your own MVP?

Let’s drive your app to success! Give us a few details about your app so that I can send you a free estimation.

E-mail: bhutkevin@gmail.com

Skype: bhutkevin@gmail.com

WhatsApp: +91 9714745626

Thank you..!

Kevin Bhut

Written by

#Founder & CEO #Startup Consultant #Mobile App Development

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