What is an MVP And Its Development Cost?
You are selling the vision and delivering the minimum feature set to visionaries, not everyone. — Steve Blank
Just as a thumbnail sketch, an MVP (Minimum Viable Product) is not an initial step in the project development but is an initial outcome. To develop an MVP, firstly, you have to do some homework.
It consists of a reliable marketing and business strategy preparing detailed specification and requirements for your project idea. Using simple and free tools will make it a lot easier and is a highly recommended choice of the app development company. This is a partial answer to the question “How To Build an MVP” but there are still some dark clouds to be shed off for a clear vision.
Before we delve into the title of this blog, first let us have a quick rundown of what is MVP?
The MVP terms were basically coined by Frank Robinson, designated as CEO at SyncDev. Later, Eric Ries popularized it — in large parts through his book — the Lean Startup. To be precise, an MVP is the simplest version of a deployable product that includes the core features without any advanced tools.
It is a common practice for startups and undeniably there are numerous reasons to create one. Some of the reasons to build an MVP are:
- Require less money
- Minimizes risks
- Make it easy to enter the market
- Offers genuine feedback from the target audience
Using simple tools to build an MVP in the IT space is a common practice for newcomers. While a flourished business may need an MVP when trying to create a new product.
Irrespective of developing a mobile app or a website, you should start right with an MVP. There are several types of MVP’s and hence the cost of creating MVP varies. Some of the general types of MNP’s are — Wireframes, Mockups, Explainer Videos, Websites, Mobile Apps, Software Prototypes, etc.
So, to start developing an MVP, there are several steps followed by leading mobile app development companies in Dubai to help you make a decision on what type of MVP you should be having.
Why Startups Need An MVP?
Firstly, let’s unfurl and understand, who actually needs to opt an MVP. Today, building an MVP is a common practice used in the IT industry and software development. Thus, for a startup, this is a good beginning which outlines a proper plan for its release and growth. An existing, well-established business may go with an MVP when they are trying to bring a new product or a unique solution to the market.
In actually, developing an MVP is a proper method to begin something brand new, and in some ways, you may apply this approach everywhere. Its principal objective is to minimize resources, save time and provide your potential audience with a solution quite instantly to get real and useful feedback.
No matter you are going to develop a web or a mobile app, it’s highly recommended to start with an MVP. Eventually, you will have a mobile app or a website which will present key features of your product.
Of course, there are numerous aspects based on which you can decide what type is preferable in your case. However, it mostly depends at hat stage of development you are (e.g. in the search for initial feedback, trying to sell an idea or already waiting to see how your real audience behaves and use it)
So, hopefully, you are ready to develop your minimum viable product with our profound app developers in Dubai. The first and foremost question that might make whim in mind is how to process and what an MVP development will cost.
- There are several ways to proceed further:
- Manage the development by oneself (if you have the technical knowledge and experience required)
- Hire experienced developers for iOS and Android app development
- Hire a software development company or a trusted mobile app development company.
As you see, most of the options do need some investment, and this is a viable point to be ready to establish a concrete budget that you are going to spend on your MVP. At this stage, it’s also essential to know how to select an app development company. Once you are ready with your shortlisted choice, feel free to share your requirements and budget details so you could have a constructive discussion with your technology partner.
Moreover, mobile app development companies tend to offer useful and valuable feedback as well as list and explain details on a process which is more accurate for your MVP.
Jumping To The Main Point Includes The Following Step-By-Step Approach:
Product Definition
This is a usual thing when the company gets the project idea and wants it to turn in a soon-to-be-reality. The idea is an inevitable part of any product, but what’s more, its purpose is to be concerned first of all. Product definition usually includes the understanding of your business needs as well as market requirements.
All you need to do is identify users and analyze offers of your competitors in order to present a reasonable, alluring and unique offers.
Product Identification
You have to learn to get your priorities straight. Every professional MVP development company knows that it’s not the most straightforward task, but on the contrary, it is a critical stage for careful consideration. You need to step into the user’s shoes and learn what they expect from your product.
The list fo requirements will, for sure help you to identify the core functionality. Just remember, all features cannot be implemented at once; this influences the overall process and the user experience. The core functionalities must be only connected to the whole purpose.
Implementation
As long as you clarify your priorities, start developing the minimum viable product mobile app on your own. To make it more precise, the experts are not just giving a try for the idea but is also making its core version. Features are dependable, so also try to think ahead of what else you would like to add on their stages.
Hence, the core version has to be capable of future innovations but specifically-oriented at the starting.
Launching
When the Android development company or an iPhone app developer focuses on launching the MVP mobile app to the market, it can even be done in distinctive ways.
Businesses usually synchronize the minimum viable product towards potential users. The well-established firms might even include advertising, whereas the startups are usually presented for potential investors. However, both of them are looking for the same things — appreciation and feedbacks.
Feedback
Client’s feedback and reviews help to review and evaluate your earlier completed work. Clutching and learning the comments on your MVP app design and performance, you will find out what is missing and what features are not required.
Therefore, the user’s reaction determines your project’s abilities and whether your product is the right fit for the market or need some improvement.
Improvement
Integrating the services of the MVP development company, you move in the right direction as all improvements are made only after careful considerations. The user can always adjust the process as required. The improvement stage focuses on testing and learning the quality to reach the initial goals.
Lastly, the company will be ready to direct resources on successful products and be satisfied with the final outcomes.
Now, it’s high time to turn the pages for the next chapter.
How Long Does It Take To Develop An MVP?
It’s high time to take into account the Lean Startup approach accumulated with the Android app development and iOS development. And, this approach amalgamated with experienced proficients like ours makes a subtle difference. Our professionals conclude that the first version of MVP should not take more than four months.
Useful Tip: The time includes not only the development in the meaning of programming but also the design stages that are a vital part of creating an app. So, if you consider that MVP development pricing is grounded on the timeline from 2–4 working months, there is probably chances to calculate an approximate budget using average rates of the mobile app development companies in Dubai.
Approximate MVP Cost
2 Man-Months Approximation = 8 Man Weeks
4 Man-Month Approximation = 16 Man-Weeks
8 man-weeks * 40 man-hours = 320 man-hours
16 man-weeks * 40 man-hours = 640 man-hours
320 man-hours * $25/hr = $8,000
640 man-hours * $25/hr = $ 16,000
320 man-hours * $150/hr = $ 48,000
640 man-hours * $150/hr = $ 96,000
As you can see, the initial budget varies a lot and rely on their development team (Android app developer and iOS professionals) and more importantly on the company’s hourly rate and the number of developers engaged in the product. For instance, if two software engineers create your app, the price automatically gets double.
Nevertheless, based on the above calculations, you may get a rough estimation of the sum required.
So if you still want to be sure “How much does it cost to develop an MVP”? Our answer will be starting with your Free Project Estimation and further going to $25–49/hr. These numbers are considered as the average cost to build a minimum viable product, but it all depends on the project complications. Each one has it’s own specification that impacts a development timeline and their budget.
You should not be expecting impossible things from your development team but on the other side, make sure they don’t stuff everything at once. In some cases, the time for development will be definitely more extended than the period described that will eventually raise the price. The set of requirements and features should be confined and possible to implement within 2–4 working months to meet the above-stated budget.
Time To Choose The Right Technology Stack For Your MVP
Once you clarified an approximation budget and timeline of the MVP development, another good point is to set and find an appropriate technology stack. So, if you are a tech-savvy, you may set requirements for the technologies you prefer, and that might be some other criteria when selecting an appropriate and trusted app development company.
Another common question to add in the array is to just ask for recommendations and see what your potential development team can suggest.
While you plan to launch a startup and create an MVP, you possibly also consider using some ready-made solutions that can be easily integrated or even hybrid development platforms. They are believed to be effective and efficient in minimizing resources. The reliable and award-winning developers show this is only an illusion that may come out of the blues. Going with native solutions is one of the most trusted ways to step ahead.
Moreover, you can be sure about the potential management of your project as well as its growth.
Wrapping Up…
Java, Swift, Rails
As an instance, Ruby on rails framework is the hot choice used for back-end development that shows a stable and scalable work. Its community is continuously evolving, which can be proof that further updates will be implemented. This means that projects using it won’t b forced to switch to other platforms of something goes out of arms stretch.
Therefore, aligning with the right app developers in Dubai with emerging mobile platforms technologies, everything is simple. Technically speaking, Swift is the best option for iOS as well as Java is for Android.
Of course, you are the one who will be making the last move and the final decision. However, we do highly suggest to align with the Xicom Technologies leading app development company to consider that technology stack and have a deep insight into it.
Lastly, if you are looking to go through a transparent and step-by-step process with professionals ready to give you a peace hearing to meet your unique business needs, without any second thought contact Us at +971.529144795 and establish a successful app for you.
Originally published at https://www.xicom.ae on April 17, 2020.
