How Much Does MVP App Development Cost
How Much Does MVP App Development Cost
Last Updated on July 14, 2022
It may be different conditions for you, but you see, time passes against you. You just wonder about it because one has already accomplished success. Wherever you are, though, it is now the ideal time to start a company. Why does this happen? Next, when you are reading it, you want to roll the dice. First, perhaps for years, it was on the list of bins. It is the time! It is the time!
If your only objective is to prove the product you want to build solves a problem when there is only one idea and nothing has yet been built.
This might seem easy, but often things that do not really fix a problem for anyone are created when it comes to life. It looks great, it has many features, but it is utterly useless at the same time. How many times have these circumstances reached you?
What? What? What? Never?
How about the shoe umbrella? Want to go somewhere, even if your shoes are elegant, with two umbrellas attached to your shoes? It’s just funny!
Although this is just an example, MVP can be of any time and every type. But the end purpose of it is always the same – to build a product that actually solves problems.
Minimal Viable Product (MVP) is the first iteration of any product. What’s MVP, you might ask now!
Okay, it is just a product with the main features of the product that make it work.
Most outstanding people have contributed to the term – MVP. The Lean Startup Methodology founder Eric Ries, however, has the most popular definition though. His definition of the MVP was:
A minimum viable product is a new product version that helps a team to obtain the most relevant consumer information in the least possible number.
The minimum viable product is generally meant to test the market. Whether you want to grow your business or just quit, the consumer response decides.
What Does MVP Stands For
The minimum viable device stands for MVP, not the least viable prototype. It is not a product since it is a concept made for a specific reason. Many versions of one model may be identical.
Rather, a commodity that is minimally viable is true and consumers can buy it and pay for it. To promote this key feature, MVP needs a clear objective and a number of features.
The use of the MVP App Development Strategy will be a reasonable way to achieve a successful product for every company. Most businesses use it widely because it has a range of distinctive advantages. The following article provides an overview of the overall process of development and estimates the cost of developing the MVP application based on the mobile CRM application example.
When talking about the mobile app development industry, the development of the MVP mobile app has become a popular approach for well-established companies, not only start-ups. This insightful marketing approach includes the main functionality provided to consumers before their final publication. It allows for future improvements in the collection of customer feedback. Therefore, the organization spends less on production and research and understanding the demand. When the business is ready to take advantage of this approach, it has to learn how to create an MVP app, estimate costs, and properly organize the overall process.
Why Develop An MVP At The First Place
A minimum viable product or MVP simply consists of the most relevant and minimal specifications, which allow the production team to track the viability and validity of the concept by means of feedback and device usability obtained from the user.
Reliable reports have found that 74% of start-ups often struggle due to their premature market plans. This premature business strategy basically means that before the full application is released, an MVP is not launched.
Therefore, 29% of startups crash due to multiple financial disasters.
MVP was introduced for the first time in 2001 as a concept. The concept has since become more popular because the scope is growing and the advantages are being stressed.
I’d like to highlight some of the big advantages of creating an MVP before launching an App if you’re still not fully sure about an MVP and are searching for more detail.
- The early development of an MVP helps you to set the core features of the application and receive an early release of the software after a feasibility check has been completed.
- If you are in the care of an MVP, you should contact customers and they can take a look at the product and convince them to buy.
- You will develop the product by an iterative method after you create an MVP.
- You will benefit from a cost-effective way to build an MVP with your smartphone app.
- You will potentially reduce the risk of developing an MVP for your smartphone device by a significant factor before you launch the actual edition of the product.
To Know More: Why Create An MVP For Your Business First?
If we had to develop an estimation of the costs of delivering an MVP in the international context for some of the most relevant and commonly used smartphone applications.
When now you are looking for an estimation for an app MVP like Snapchat, it’s worth about $10,000 and you have to collect about $15,000 for an app like Facebook.
You have to note that it’s not the cost to create an entire app, but just the production cost for the minimum viable mobile app product.
Need An MVP Before Creating Your App?
The Process Of Developing An MVP
This is necessary to consider the process and the time period for these projects before we get to the actual MVP product production cost breakdown. It is the process of transformation of the business and market research into production and testing. Each stage has a crucial aspect in it and we suggest learning each stage momentarily before moving on to the example given in this article.
The primary emphasis is on providing a minimally affordable product that can help you define and build apps that fulfill your clients’ standards and desires at the outset of the MVP app creation project. It is worth spending time testing, learning, and improving to enter the market with a new proposition. So how can a minimally viable product be created?
The main point here is the gradual approach which comprises the following stages:
- Product Definition
When the organization gets the idea and needs it to become a fact, this is a normal occurrence. The concept is an inherent part of every product, but its intent should primarily be concerned. The definition of a commodity encompasses the business’ perception and the demands of the consumer. To order to make a fair, enticing, and exclusive bid, you need to recognize and evaluate your competitors’ offerings.
- Product Identification
You must learn to straighten your goals. It is not the simplest, but very necessary step for serious thought, as any professional services firm understands. You have to move in to know what the company wants from the consumer. You will certainly define the key features with a set of specifications. Note that not all features can be implemented so that the overall process and user experience are affected. The core features can only be linked to the ultimate goal.
- Product Implementation
So long as the goals are clear, the minimum viable mobile device app itself will start developing. We not only seek to make it obvious, we also make the central version of our theory. Features are stable, so start talking about what other stuff you want to add at other points. The central edition will also, even at the outset, be worthy of potential creativity.
- Product Launching
If MVP is introduced on the market, the organization can also do so in various ways. Businesses tend to target potential users in the least viable product. While well-established businesses also provide advertising, start-ups are typically marketed to prospective investors. They look for the same thing, though – reviews and gratitude.
- Product Feedback
Feedback from consumers allows you to review your past research and assess it. You will find out what’s lacking and what features are not required by collecting and learning commentary regarding MVP application design and performance. The response of the consumer decides your ability and how you are willing to sell your commodity.
- Product Improvement
You move in the right direction by applying the service of the MVP development company since only after careful consideration are all improvements made. The method can be modified as needed. The development process relies on research and professional monitoring to accomplish the first goal. The company will be ready to focus resources and be satisfied with the final results of successful products.
Related Read: Guide To Create A MVP App
Factors Affecting The Cost of MVP Development
- App Type
A minimum viable product or an MVP and its production costs are significantly determined by the type of framework you create and the nuances involved with your app idea.
This means essentially that if your app idea is more complex it definitely would be a few challenges to develop an MVP for it too. Therefore, you need to determine first what features are crucial to your app’s service and purpose. You want to incorporate these key features in the app at the beginning.
Let’s presume you had a food delivery service app idea and expect to create a food delivery app for it. This MVP also covers some of the key features of the app, such as authentication process, third party implementation, payment portal, account protection and a robust control panel with a few additional characteristics.
You can divide app features into three separate sections to simplify things a little.
- Must have
- Good to have
- Need to have
You will also be able to decide whether the software is useful for the end-user and whether it should be used.
At this stage, it ‘s important that the first version of MVP you are planning is simple and has everything you need for it. When releasing the MVP and gathering details, more detailed models can be created later.
The scope or ability of an MVP often relies on the company’s particular criteria. Working on product development and customer development simultaneously is the best way forward.
- App Design
The design costs are a large proportion of the total costs and the costs of MVP design largely depend on the level of difficulty. It is particularly why preparing it well in advance is a smart idea. In fact, when I talk of MVP design, I talk of the User interface.
Note that there are extra costs for the original design. It is essential that you keep the design as simple as possible at this stage, that it is intuitive and that it is high on the scale of usability.
All of this means that the overall architecture of the user interface will always be appealing.
- Tech Stack
One of the crucial factors when planning a cost estimate is the technology stack that you are going to use for your mobile device MVP growth. You already have an idea if you are technologically experienced than what you’ll do here. If you aren’t, though, you can think about someone with the appropriate engineering experience, such as a software development company.
You will have to decide logically at this point to go with a home device or hybrid program. A profitable choice at this stage would be the ability to create your own application for a fraction of the cost.
- Outsourcing/In-house Hiring
It’s an inevitable question to inquire, whether the last iteration of the mobile app or the MVP is being created.
Each of the scenarios has its own merits and obstacles, and the schedule, complexity, and specific project specifications are also the answer to the problem.
You will benefit from the expertise and a competent team to assist you throughout all phases of the entire process if you choose to outsource the entire project to an app development company. The downside is your pocket could be heavy, but if you can find the right company, worth every penny.
- Launch Stage
Timing is of great significance in the business world, especially for the constantly emerging and quickly changing software development market. It is a vital decision to determine when the MVP is to be released, but users must have input.
This timeout gets even more important as many day you postpone the delivery, the costs are expected to go up.
Would you like to release your MVP after two or three features have been added? When you wait some time and start a complete MVP, it might cost you a little bit more, but it will give you an insight into it.
How Much Does An MVP App Development Cost
A variety of significant considerations determine the overall cost of developing an MVP application. A number of founders believe that development cost is generally dependent on the types of technology used, but this is not true.
In fact, the budget for product development is just one side of the coin for your business. This is because having the project delivered on the idea behind the application and many other things are equally important for your business.
In order to deliver an outstanding product, the owner of the apps must select developers intelligently, because the choice of app developers significantly impacts the development of the application.
Let’s have a look at all the options you have.
Option #1: Hiring A Freelancer
This way to get a project started is fast, affordable and easy.
This is because there are a number of freelance platforms to help you find developers that can fulfill all your needs, such as freelancer.com or upgrad.com.
The biggest problem with the recruiting of professional developers is the lack of project commitments.
They can easily leave if something goes wrong. It means you must also become a project manager and your own responsibility lies in all coordination and communication.
This problem is very difficult to contend with. If you ever want to hire independent developers, my suggestion is to include local developers.
A complete stack developer will cost you about $6,000 a month. This expert is necessary for the entire development of the project.
A designer costs about five thousand dollars per month. At the start of the project, this specialist is needed.
During the entire production cycle, you may need a tester. This professional costs you about $2 500 a month.
The total cost is therefore up to $13,000 a month.
Option #2: Going In-House
In-house software development is the first choice of a number of CXOs of companies from all walks of life. It offers clear and transparent relationships. Internal development enables the team to engage entirely in the project. Your duty is always efficiency. However, the company’s success is more influenced by your developers.
An internal squad can also be organized even better.
This option’s biggest drawback is considerably higher prices. When you start with a small budget, that may be a challenge.
You are expected to pay holiday and hiring costs and many other expenses when recruiting full-time developers. Make sure that you have this amount of MVP spending in your business.
What is it going to cost? Let’s choose the same team and figure out the prices.
You can hire a full-stack developer by spending about $9,200 a month.
A designer is worth $3,600 per month.
If you choose to hire a tester as well, then it will cost you about $1,400 per month, and a project manager will cost you about $7,500 every single month.
So if you calculate all of it – in-house development will cost you about $25,000 every month.
Option #3: Local App/Web Development Companies
Well, hiring an app development agency can turn out to be an expensive choice as well for some of you. But the good thing is – the price includes the cost of developed business along with all the technical processes.
You will have a committed development team, a project manager, and a tester with legal documentation about the extent of involvement.
GoodFirms.com or Clutch.co is the best choice to discover a successful local business. Such websites provide reviews and feedback from former customers to help you pick a professional and trustworthy staff.
The prices for a consultant range from $100 and $250 an hour. And the same squad charges you a total of $400 an hour.
Nevertheless, before you finalize your partnership with any local agency – you should be asking yourself whether you’re even ready to pay up to $64,000 per month to test your business’s viability. If the answer is yes, then you have the best option with you already.
Option #4: Outsourcing App Development
To several start-ups, outsourcing is a common alternative when it comes to getting an MVP app developed. This is simply because you can always hire any local agency for a much cheaper price in comparison to any other alternative.
But is not all roses either, Because outsourcing the app development involves two key obstacles which are — developing trust & involving a team.
Those two problems can be, however, quickly solved. When recruiting prospective firms, make sure you have properly investigated them. This can be done through review, company websites, and recent case studies.
But what is the overall expense of an outsourcing system for MVP?
Well, let’s offer an example to Indian outsourcers – the average prevailing price is $20-40/hr. This means if you hire a team of a minimum four-person, the team will cost $160 per hour.
So, on average you can assume that you will have to pay up to $25,000 to build an MVP app.
Looking for an MVP app development company? Get in touch with Oyelabs today, we will help you validate your concept.