Any company bringing up a new product idea is usually excited, especially if it falls into the tech industry. One of the first steps in that direction is developing the minimum viable product, or MVP.
It helps companies test their ideas by offering a working version of the product on a small scale before full-scale development takes place.
Yet, one of the most common questions asked is, how much does MVP development cost?
Here, we shall discuss which factors influence the cost of MVP development, a role of MVP in software development,
And why cooperation with an MVP app development company or an MVP development agency is a great starting point for your product journey to success.
What is an MVP and Why is It Important?
Understand what MVP stands for: MVP is the minimum viable product- a version of the product with the core functionalities that are an absolute necessity to test the business idea or solve the actual problem of early adopters.
MVP is ready for release as soon as possible, learning and preparing to make necessary changes by using user data. This allows a business to validation of a concept prior to full investment in development. Save time and less resources to only focus on core features.
The correct input from actual users will refine the product. Grab the attention of interested investors with a prototype ready for function. We understand now why an MVP is done. Let’s discuss what characterizes the cost of MVP development .
Vital Influencing Factors That Determine The MVP Development Csot
Development costs of an MVP depend on several factors. Each of them plays a crucial role while determining the total cost.
1. Complexity of Features
One of the primary reasons why development costs for MVP increase is the complexity of features you want to implement.
The more features and functionalities you add, the cost will be exponentially increased. Necessary functionalities in MVP should only focus on necessary functionalities that answer what problem you are trying to solve.
However, if you would include high-level features like real-time chat or geolocation or custom algorithms for more sophisticated and complex operation, developing an MVP on software will cost correspondingly more.
2. Platform: Web, Mobile, or Both?
One of the critical determinants in setting the MVP cost is the platform. Are you developing a web app or a mobile application?
If it’s both, targeting both iOS and Android users will shoot up the development price as both platforms will require different processes or cross-platform tools.
You can further cut costs by using cross-platform technologies like React Native or Flutter, which allow developers to write code once and then deploy it on both platforms.
3. Design and UX
The final cost is also determined by the design and user experience of your MVP. While an MVP is often minimalistic, the design it boasts is fundamental to user adoption and engagement. A well-designed MVP leaves a better impression and gains momentum; it does not come for free.
You might choose a simple layout to save cost, or you might hire a good MVP development agency that would be able to design a more user-friendly interface that would bring the best UX for your users. Custom UI/UX design is often very pricey but, for some products, it is the only way to stay in the market.
4. Development Team Location
The location of your development team is another factor with high influence on MVP development cost. Development prices can vary much depending on which region the MVP app development company is in. For example,
North America (USA, Canada): $100-$200 average hour rate for developers; one o the most expensive regions for MVP development.
Western Europe (Germany, UK): usually, in the $50-$150 per hour range, depending on the complexity level of the project and the experience level of the developer.
Eastern Europe (Poland, Ukraine, Romania): one of the favorite destinations for outsourcing – it’s a pretty good rate level, usually $30-$70 per hour for really good development.
Asia, India, Vietnam, and Philippines): Here you can get the lowest rates but developers will charge you between $20 and $50 per hour, and quality as well as communication becomes an issue here.
The region, again, is what plays the most crucial role in ensuring that you get a cost-effective MVP development agency or not without having to compromise on quality .
5. Tech Stack and Development Tools
The tech stack and development tools also influence the cost. Different types of existing tech stacks may be utilized based on the app’s varying levels of complexity or functionality.
Another reason you should work with an experienced MVP app development company is that they will enable you to choose the most efficient tech stack for your project. This works towards saving you a lot of money spent on unnecessary technologies.
6. Development Timeframe
Another factor that may impact the cost of MVP is time available to build it.
If you are in a rush and need it up as soon as possible, then this might lead to increased overtime on your developer’s part, adding costs.
But all this again has an effect on the quality of output so one must always find a good balance.
Generally, an MVP would take around 3 to 6 months in complexity. A shorter time frame will be more costly, and a longer time frame may allow you to save on the cost part.
Average Cost of MVP Development
Now that we’ve discussed the variables contributing to the cost of an MVP, let’s look at an estimate.
Based on average rates, the average cost for developing an MVP typically falls within a range of $15,000 to $150,000, depending on the factors above. Here’s a rough breakdown:
Basic MVP (few core features, one platform): $15,000 – $50,000
Intermediate MVP (multiple features, two platforms, custom design): $50,000 – $100,000
Complex MVP (advanced features, cross-platform, high-end design): $100,000 – $150,000+
If you pick a location-based MVP development agency in an area where prices are lower, you can chop the prices up above sharply.
Why is the MVP app development company important?
Most importantly, it is to seek an experienced MVP app development company. They will bring the needed expertise to create scalable and functional MVPs that can be iterated on as feedback is gathered from early users.
A simple MVP development agency would generally undertake the following process:
- Ideation and Strategy: Elaboration on understanding the product concept and its core features.
- Prototyping and Design: Developing wireframes and mockups for the MVP’s user interface
- Development: Writing code and building the back-end infrastructure
- Testing: Quality assurance testing would be conducted to ensure that the MVP does the job as expected
- Launch: MVP being delivered out for public or private beta testing.
- Solicitation and iteration-gathering user feedback and improvements of the product.
By using this formal approach, a development agency of MVP guarantees the on trackness of the project.
Conclusion
The cost of developing an MVP may fluctuate widely, driven by myriad factors-from the complexity of the features and design requirements of the product to the location of the development team.
However, while the average MVP development cost may be anything between $15,000 and $150,000, working with a reliable MVP app development company or MVP development agency might help create that product that not only fits your budget but also lays the foundation for the future.
