An efficient MVP cannot be based only on the idea. Even if your idea is groundbreaking, its successful completion always lies in estimating costs. Sometimes the price of your future MVP can be even less than you expected. But to play safe, you need to know what is necessary while building your startup and what is not.
Planning Budget to build an MVP
Planning your budget for an MVP can be a tricky task. Since you are a non-technical founder, it may be not very easy for you to estimate all the technical requirements. Moreover, you need to be sure that all the pain points of your app are solved. There is a room for multiple mistakes and we will help you to avoid them.
The MVP business planning is not fully based on the development costs. You should also take into consideration sales and marketing channels. In our practice we prefer to allocate targets. Try to stay focused on what is necessary for your future app, getting out of the way all the excessive matters.
Quality comes first
What must be mentioned here, is that you definitely should handle your budget wisely. But never try to save money on development by lowering quality. It’s a bad habit of businessmen to think that the quantity comes first. They think that the higher number of features would make their app better. That may work for a huge product developed to cover all the customer needs at once. But you need to think of your MVP as just a trial version. Give a chance for your app showing the user its quality.
How much does it cost?
Normally, the producing of an MVP involves project management, design, coding and testing. At times, it also takes an additional maintenance. From there, we can calculate a potential cost.
The UX/UI prototyping, an idea validation and pitching the product to investors will cost you from $5,000 to $10,000.
The MVP development will cost you from $15,000 to $50,000. The price depends on the project complexity.
The development of your landing page and promotion of your project will cost you, on average, $2,000.
How much time does it take?
The development time is highly dependant on your budget and comes in proportion to it. Your main goal is to adapt to changes as quickly as possible. It’s the only way to make a successful application and outdistance your competitors. Minimize the time between updates, giving your developers 1-2 week iterations. It will be enough for them to update the app and test its new features.
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