MVP Development Cost for Startups: How Much Does It Cost?

You came up with a great app concept; however, you are at a crossroads, and your doubts are slowing you down from going further with opening the door to a startup? It is understandable because you are unsure if everything goes according to your plan. There are too many risks for your startup to sink like a stone, but it does not mean that it should hold you back from realizing your idea. 

Building MVP is the tip of the iceberg. The bigger question, which everyone who sets their mind to implement MVP ideas comes across, is MVP cost. Before jumping into the topic connected to the MVP cost, we begin with clearing up what MVP implies and why it is so important for a startup.

What MVP Identifies and Why Create It?

So, let's find out what MVP is? MVP means Minimum Viable Product. So simply put, it is the simplest variation of a product that still performs the main functions of indulging early users. The primary purpose of ​​MVP is to build an app, put as little effort as possible, offer it to customers, and then refine it. MVP can be used in different areas; however, in most cases, you can come across the abbreviation in the areas of software development and digital services.

One of the most well-known examples of MVP is the Uber app. At first, it had only one function to connect clients with drivers. When the developers ensured that the theory was working, they began adding additional features. 

Why make MVP? Well, the answer is easy enough. MVP allows you to gather feedback from users on how they interact with an app. You receive the data and make notes about your app's strong and weak sides.  

If you develop MVP, you get a chance to test your app and see all the benefits and drawbacks before fully launching your app and save your budget and time because, as you probably know, app implementations are not one of the quickest and cheapest cases.

Aspects and Time to Consider When Developing MVP

The MVP cost is a controversial topic, and it is challenging to state a fixed price, which is why thinking through your initial budget is essential. To do this, you need to realize what challenges should be introduced and the fundamental point of creating this kind of app.

The MVP cost may range during the development of a project, and lots of factors influence that. However, there are basic expenses to be considered in any case. Even if you do not have many opportunities, budget planning can still be done. The bottom line is that developing MVP costs should be estimated with some risks even at the planning step. 

The same goes with calculating how much time you need to develop MVP. Creating some apps takes about 15 days, while others can take much longer, and it is almost impossible to determine the range.

Thus, it is not too difficult to form the initial budget. Several points are to be taken into account:

Formulating an idea. You have a perfect idea, primarily if it is written in detail like a business plan. If not, you will probably need some help from experts who are eager to help you formulate it. Try to remember that here is where you should not save because your result depends on this particular step.  

Research. If you can collect all the necessary data on your own, that is amazing. However, your concept will be formed based on this information, so it should be thought through. Please consider the targeted audience, and learn its needs and requests. Moreover, analyze the competitors and get as much data as you can to get a complete picture of what your product should be eventually. 

Design. Usually, developers try to save as much money as possible, and it is a smart move. Indeed, there is no need to waste a lot of money on how the app looks. However, in any case, do not save on UX design. You can make the app look plain and straightforward, but it should be functional and convenient.  

Development. One more point to consider. You can choose the most accessible techniques which assist in implementing what you have in mind. But if you create powerful applications in the beginning, then the MVP cost increases automatically. 

These are the stages to consider when forming the initial MVP cost and planning time. However, when it comes to MVP cost, try to be prepared that the steps may expand as the development goes ahead.  

Calculating Expenses to Create MVP

MVP cost depends on how you organize your work. Let's look at three top ways for you to do that. 

Freelance. Finding freelancers is a pretty cheap option. You save money on organizing workplaces; you do not need to think about staff members' full-time jobs. You hire freelancers to do the tasks you require. 

However, the problem with freelancers is that you can be bailed at any time. It is not about money; the point is that the freelancer may reject completing the task because they were offered a better job. Finding a freelancer is not an issue, and the problem is to find a qualified specialist who is willing to join in the middle of the project and make things done. 

In-house. In-house development seems to be more appealing. By choosing this option, you take control of all the processes. However, the MVP cost here is much higher, but this is not the primary concern, to be honest. If you are not experienced enough and do not have a well-skilled partner, your project will not be in trend. 

1. The alternative way is to cooperate with the development local agency. Outsourcing options have necessary IT skills. More than that, local agencies take responsibility for their work, and you can help them only for the amount of work they do.  

Now when you have considered every detail and your app is ready to be launched, do you think you can take it easy and relax? Not so quickly. 

After developing your app, the next step is to think about promotion and marketing. 

MVP Development Saves Budget

How does MVP save your budget? Well, let's figure it out. The main reason is to reduce the expenses. 

MVP can assist startups in reducing costs while developing. All development expenses are considerably reduced when MVP development is chosen over the entire product development.

Besides, the app release is quite fast. MVP can be developed in two to four months. Thus, you can save money on staff members' salaries and other costs connected to the total product investment. 

Making a full-fledged product requires more expenses than developing an MVP. Moreover, when you create an entire project, there are some risks that it will not work out, and as a result, you will lose a considerable amount of money. 

Food for Thought

Before launching a startup, make up your mind about what you desire to achieve: to implement your idea or create a product that people need? If the first option is prepared, you will spend your resources, but most likely, no one will use your app. 

If the second variant, keep in mind that this is a long-distance race, where you will need a lot of time, desire, and money to create a product and research and marketing. Also, moral strength to make as many race attempts as needed.