An MVP is a Minimal Viable Product that can be understood as the smallest possible thing that can be done to prove a set of hypothesis regarding a business idea. Now in case you are keen on building the next big thing then get a team so that you can build your MVP. However, in comprises of numerous factors such as cost, quality, and duration of developing the MVP. The cost of building an MVP is a key element in comparison to the duration and quality of the project.
Before we head forward, let’s first understand MVP
Well, the term MVP was introduced by the former CEO of SyncDev, Frank Robinson. It’s a prototype or product comprising of the core features without any advanced tools. Even though MVP is not an initial step in project development; however, it can be considered as an initial product. We see that MVP is a common practice among start-ups and there are quite a few benefits of building it. Here are some of the reasons why should you build an MVP:
• Consumes less money
• Lesser risk
• It gets easier to enter the market
• Offers genuine feedback from target audience
How to begin with MVP?
Now if you have decided to develop an MVP, then you need to first start by building a marketing or business strategy with detailed specifications of the project idea. It is advised to use simple tools, and that is going to make the work way more cost-effective.
In the IT industry it is a common practice to build an MVP, and mainly it works great for start-ups. Meanwhile, a well-set business may also require an MVP when they try to build a new product.
So whether you have to develop a mobile app or website, it’s good to start with an MVP. However, out there you find MVPs was different types, and hence the cost of building varies depending on which type you are keen to go with. Few of the common types of MVPs are Mockups, Wireframes, Explainer Video, Website, Software prototype, Mobile app, etc. There are several aspects to consider before you decide on what kind of MVP you should build on.
Let’s move further…
Now it is time to implement the idea to build an MVP. As mentioned, there are various types of MVPs. So in case, your idea is related to building a website, then these are the typical features of popular start-ups your MVP has, such as user login, account profiles, and some messaging features.
Here’s how to start…
Start by building a manual version of your idea
Begin by launching a landing page as that’s the best way to prove that there is demand for the idea of a product and whether customers are keen to pay for it. Once it’s proved that it is in demand, then you can begin spending resources on an actual prototype.
Cost: It’s indeed a good place to start even though it will only get you so far. You need to pay around 10$ to register a domain and $0 to use LaunchRock for a landing page.
Hire a freelance developer for prototype building
Many freelance developers love to work with entrepreneurs to develop MVPs and prototypes. However, before you contact a developer, it is better to jot down your list of initial features, or else it may turn to be an expensive affair to build every little thing, and then it is no longer an MVP.
Pen down a list of features, develop some mockups and/or wireframes of how you desire the site to appear, and then do some research on which technology to go with. Now choose a right developer (you can find numerous of the website and mobile app developers in Singapore), who is adept at handling technology & tools, and then you are set to go.
Cost: Developers work collaboratively, so you get to know about the work that is being done by the person you’ve hired. This is not an option in outsourcing. However, you will also be responsible for managing the project, hence ensure that you hire a developer who is great at communication as well as technical skills.
Regarding cost, a good MVP, with features mentioned above, build by a good developer is likely to cost around $15000-$20000. It is advised to compare the cost by getting proposals from a few developers.
Many entrepreneurs decide to freelance outsource sites owing to lower costs. When you are technical and have the caliber to manage the development process, then it gets easier to manage when work is outsourced. However, non-technical entrepreneurs to likely to face issues in managing developers overseas without being able to communicate on a technical level, as well as there is often a language barrier. Thus, it costs double and triple as multiple revisions are required to be made.
Cost: Here the cost is lower; still it’s hard to find out who is right for your project. It is also difficult to communicate and manage the project. This way it may end up costing more in the long run. Meanwhile, depending on features and skill level, it is likely to cost from $500-$5,000.
— OctalInfoSolutionSG (@octalsg) August 30, 2017
Hire an Agency
With agencies, you get extensive services, like you have project managers to communicate your ideas to developers and manage the process. There are even designers and UX experts who ensure your MVP is the best it can be. However, it surely impacts the costs, which are excessively high for entrepreneurs.
Cost: Even though it offers brilliant project management and all sorts of resources needed to optimize your MVP, still the costs are way higher, and the contracts may lack flexibility. Going by the company’s size, the cost could be anywhere between $30,000-$50,000. However, it may differ if some charge considerably higher depending on their skills and previous accomplishments.
Before you go ahead to build an MVP, it is vital to establish the right idea. Begin by submitting your requirements to the top app developers in Singapore and know the project scope, quality, timeline, and cost.