How Much Does It Cost To Build an MVP App in 2024?

MVP App Development Cost 2024

Is your startup app ready to meet market needs? There are 42% of apps that fail because they somehow fall prey to the gaps they fail to address. That’s why it’s important to validate your idea before investing time and money in it. To test the waters, developing a minimum viable product (MVP) is viable if you don’t want to spend too much.

An MVP serves as a litmus test of application scope and market demand. It’s like taking a tentative step before diving in headfirst. However, remember that several factors affect MVP development costs. And, a well-executed MVP crafts a subtle difference between success and failure for your startup.

To achieve success, you should hire an MVP app development company to get things started. Herein, we will provide some insight into the cost of building a minimum viable product to test the water.

Why Should You Plan Your MVP Software Development Budget?

The Minimum Viable Product (MVP) is a cost-effective solution for creating a product, though it may seem an expensive affair at first. But, after debunking the myths, you’ll see MVP makes an affordable choice to test the viability of your idea.

This is why it is crucial to understand the MVP budget and how it will be allocated before proceeding with development. To your surprise, the majority of startups and products fail during the development stage due to insufficient funding. Thus, setting a realistic budget early on is recommended to avoid running out of money.

What Affects the Cost of Building an MVP?

Here are some factors to consider when figuring out how much an MVP development costs.

1. MVP Complexity Level

The cost of developing a product depends on how complicated the idea is and what it can do. A simple product with basic features and an easy-to-use design will cost less than a more complex one with advanced features, data processing, and integration with other programs. When determining the complexity of a product, we look at several aspects of it.

2. UI/UX Design

UI/UX design is crucial when developing a Minimum Viable Product (MVP) to make the product user-friendly and aligned with the target market’s expectations. Often, UI/UX design is considered a separate cost from MVP development.

An MVP will cost more if you need to conduct extensive user research, create detailed wireframes, design prototypes, make custom illustrations, and ensure robust responsiveness. So, when planning an MVP, evaluating the technical requirements and allocating enough funds to meet UI/UX design needs is essential.

3. The Development Team

Several factors can influence the cost of building an MVP. Here’s some:

• Team size — Depending on the resources hired according to the team impact the cost.
• Team experience and expertise — Teams with in-demand skills and expertise are crucial to make the idea a success, even if it means inclining towards an expensive side.
• A team’s composition — The cost will go up if you need specialized roles, such as testers for software quality assurance, data engineers, and blockchain experts.
• The team’s location — Typically, developers in some places, like the United States, charge more than developers in other regions, like India.
• Outsourcing vs. in-house — The overhead costs of in-house development, such as salaries, benefits, and infrastructure, are typically higher. By outsourcing, you get external expertise without these overheads.

4. Developing Timeframes

A Minimum Viable Product (MVP) can take a longer time to develop than expected, depending on several factors, like the product’s complexity, the development team’s size and skill, and the technological challenges it faces.

However, the main goal of an MVP is to gather user feedback and validate the core value proposition of the product idea quickly. With an MVP, you can gather valuable insights and iteratively improve your product based on real-time feedback from users quickly, simplifying the development process.

The first version of an MVP should take no more than two weeks. MVPs also have a shorter development timeframe, making them cheaper.

How Much Does it Cost to Build an MVP App?

The cost of developing an MVP depends on a lot of key factors. Let’s figure them out:

1. Set Up An In-House Team

Often, startup founders build software in-house. This approach offers several advantages, including a transparent relationship between the team and clear communication channels.

The team is fully engaged in in-house development, and the developers are highly motivated by the app’s success. Besides that, an internal team is much easier to coordinate, although maintaining quality is inevitable for them.

So, if you have a free hand on a budget, this proves to be a boon. When you opt for full-time developers, you make a healthy investment for your app’s success. Hence, assessing your project’s viability at the MVP stage is important before investing in this resource-intensive option.

Let’s take the same team and see how much it costs.

• Full-stack developers cost $9,200 a month.
• Designers cost $3,600 monthly.
• Testers cost $4,100 per month.
• Project managers cost $7,500 per month.
• In-house development costs approximately $ 25,000 per month.

2. Work With an Agency

Although local product development is expensive, it includes the technology and business processes. A dedicated development team, a project manager, and a tester will be assigned to your project.

You can search online to find reputable local agencies with well-known expertise. Also, you can find a proficient and reliable team based on reviews and ratings. The agency charges between $100 and $250 per hour for one specialist. This can be a viable option if your budget bracket is wide enough to test your business ideas.

3. Recruiting Freelancers

By leveraging freelance platforms, you can find developers who meet your specifications quickly, easily, and cheaply. Some sites like Freelancer, Upwork, and Fiverr make it easy to find the right talent.

However, when hiring freelance developers, a common issue is their need for more commitment to the project. This can cause delays or failures. Moreover, as the project manager, you must handle all coordination and communication, which can be tricky. For this reason, it’s important to screen candidates carefully and set clear expectations upfront.

Here’s what freelance software developers charge.

• The average cost of a full-stack developer is $6000 per month. This specialist is required throughout the entire project development process.
• Typically, a designer per month costs around $ 5,000. As soon as the project begins, a professional must be engaged.
• You will need a tester throughout the development process. They will cost you about $2500 a month.

Thus, the overall cost might be $13,000 a month.

Conclusion

Building a Minimum Viable Product (MVP) is expensive, and it depends on factors like the amount of work, the platforms, and the integrations. Each app category also has an average market price. Therefore, consulting with an expert is crucial to getting an accurate estimate. You can also hire an MVP app development company to test your idea effectively and engage your target audience.

Notably, by working with experts, startups can save time searching for developers, assembling teams, and handling legal matters. At Apptunix, we have the necessary experience to efficiently handle your MVP development job. Contact us today!