An MVP, or minimum viable product, is the first version of an application or website that includes only the bare minimum features that are needed to test the idea and determine whether or not there’s any value in moving forward with development.
While you can develop your MVP at no cost, several factors can make it more expensive than you might expect. These seven factors all contribute to MVP development cost.
1) The platform
The MVP development cost can vary greatly depending on the platform you are using. For example, a WordPress site might be cheaper than a site built with Ruby on Rails. A prototype made in Adobe Creative Suite could also be more expensive than one made in Sketch or Microsoft PowerPoint.
A prototype made in Adobe Creative Suite could also be more expensive than one made in Sketch or Microsoft PowerPoint. It all depends on what your project needs and how much time is needed to learn the new system A higher price usually means better functionality and support. Make sure to research both low-cost and high-cost options before deciding which is right for you!
2) The design
The design of your product is one of the most important components to consider. Depending on what you want your app or program to do, you may need a different style of interface.
If you’re creating a game, for example, it will be much more expensive than if you were creating a simple calculator. In addition to this, there are other elements such as colour schemes and typography that come into play when determining the look and feel of your app or program.
3) The features
The features can be broken down into two categories
The functional features are what make the product function, while non-functional features may include things like ease of use, making it easier for users to interact with your app or design.
For example, say you have a social media app and you want to create a feature where users can post pictures and videos.
That would be considered a functional feature because, without it, your app wouldn’t work at all. Meanwhile, if you wanted to change the colour scheme from red to blue, that’s not considered a necessary functional feature but rather something that enhances user experience.
4) The team
The most important consideration is your team when deciding about MVP development cost and budget.
- What skills do you need to develop your idea?
- Do you have a team in place or are you going to contract freelancers?
- How many people are needed for your team?
Once you know how many people will be on your team, then you can determine what salary range they should fall under. If it’s just one person and they’re being paid hourly, then the prices will be lower than if it’s a full-time position with benefits.
5) The development process
Your development process will depend on a number of factors, including your budget, the scope of your project, and your experience level. For example, if you are a non-technical founder with little or no experience in coding and design, you might choose to hire an agency or freelancer.
That said, one thing is for certain: there is no such thing as a one-size-fits-all development process. What works for some startups may not work for others.
If you have a tight budget but need more complex features than what could be created with a drag-and-drop website builder, you may want to consider hiring developers rather than freelancers. On the other hand, if money is not an issue, you may want to explore outsourcing your development work overseas where labour costs are much lower than in the United States and Europe.
6) The location
The location where you develop your product will have a major impact on how much MVP development cost to make. You should consider things like labour rates, proximity to other companies and suppliers, as well as whether or not you need to hire experts from overseas.
For example, if you’re making a physical product, you may find it cheaper to manufacture in China because the labor is so cheap and there are plenty of skilled manufacturers. However, for digital products, it can be cheaper to outsource development work such as graphic design, video editing and programming to places like India. All these variables must be taken into account when determining what type of place you’ll use for production.
With regards to the company’s industry, manufacturing-based industries typically need more factory space and hence more capital investment than service-based industries.
An MVP is a great way to validate your idea and test if there is a market for your product. With so many factors affecting how much MVP development cost to create, it can be difficult to know what to expect. Fortunately, with these seven factors in mind, you’ll have a better idea of what you’re getting into before you dive in head first.