Are you looking for the best way to launch your start-up idea in 2024? Start with an MVP!
Many successful projects we built first started as an MVP (minimum viable product). It is a simplified version of a fully functional product. An MVP is the most cost-effective and quickest way to receive initial feedback from users so you can improve your product.
Benefits of starting out with MVP:
- A minimum viable product allows you to find a balance between what you ultimately want to build and essential features users need. This allows you to prove the viability of your hypothesis before creating a full-fledged version.
- While building an MVP, you focus on a shortlist of features, a simple design for your app, and solving a problem your target audience has. This approach enables startups to launch with less money, time, and effort and quickly find initial customers.
- A minimum viable product is aligned with the main principles of the lean startup methodology: build, measure, learn. You can use your MVP to measure key metrics: churn rate, customer acquisition cost, monthly recurring revenue etc.
You can use this data to further improve your MVP by focusing on problematic areas. This way development time is spent in the most efficient way.
How to build an MVP with A2 Design?
Here are the steps for starting building an MVP for your start-up:
Contact us and share your idea with us
We guarantee that no one except our team will get access to your project idea and requirements. We understand that it is confidential information and we sign the NDA to protect it.
Prepare requirements and map out user flow
The next step is to shape up an idea. We often use wireframes for that purpose.
The wireframe is like a skeleton of the page. This skeleton is a two-dimensional depiction of a page’s interface that shows the spacing of elements on the page, how content is prioritized, what functionalities are available, and how users will interact with the site.
Our team works with different tools that can help to prepare wireframes and organize the structure. For example, we often use Balsamiq, a web-based user interface design tool for creating wireframes. We use it to create digital sketches of your idea or concept for an application or website, to facilitate discussion and understanding before any code is written.
Prioritize MVP Features
At this stage, prioritize all the features that the MVP will offer. To prioritize features, ask questions such as: What do users want? Is this product offering them something beneficial? Etc.
Next, categorize all the remaining MVP features based on priority: high priority, medium priority, and low priority.
Another essential step is to arrange these features in the product backlog (priority-wise).
It is time to begin building an MVP.
Benefits of building an MVP with a team of experts
It takes a village to… build an MVP.
There are many benefits in engaging a company to build an MVP. There is no need to manage different individuals on your own. You have the whole team managed by a dedicated project manager and you can count on this person to keep their promises. You get an MVP done properly and within the agreed time frame.
Successful MVP needs a team of experts with different skill sets. For an MVP, a simple, good-looking design with some basic, key features to get feedback from users keeps costs low. Testing is also important to ensure the app runs smoothly. And, of course, the app needs to be deployed. To make this happen, project management and business analysis are an integral part of a successful MVP development.
How much does it cost to build an MVP
Let’s take online food delivery services as an example.
Consider the requirements of a food delivery app.
The high-level features list looks like this:
Once a list of features is finalized, our team will estimate how many hours it will take for front-end and back-end developers to implement them.
Below is an example of the estimate of the food delivery app:
Please note the number of hours is not exact. It’s just an example. Number of hours might vary based on specific project requirements.
Hourly Rates by Region
Number of hours it takes to develop an MVP is only one part of the equation to figure out the total cost. Another part is the hourly rate of developer.
Depending on the region, the hourly rate ranges from $25 – $45 (Eastern Europe) to $100 – $250 (North America) per specialist.
Thus, the approximate MVP cost is:
~ $10,000 – $30,000 USD if you choose onshore/offshore outsourcing
~ $45,000 – $135,000 USD if you choose a US-based company
How Much Does it Cost to Create An On-Demand Tutor App
Next Steps Do you want to know how much it will cost to build your MVP? Just contact us!