What Does The Startup MVP Development Cost Consist Of?

Startups are becoming more and more numerous. Technology is becoming cheaper and faster. Many people think that outsourcing is expensive, bu...

Startups are becoming more and more numerous. Technology is becoming cheaper and faster. Many people think that outsourcing is expensive, but hiring remote employees on a piece-rate basis is risky because it's hard to control them.

Startup MVP Development Cost

Freelancing seems to promise self-organized specialists, but often this is not the case. The method "the stingy pays twice" works there, so finding decent and cool ones is a very time-consuming process. So how to calculate MVP development cost?

The problem in the startup market

Very often the client does not know yet how his project will be developing (there is no full-fledged road map). Because of that many details are not specified very well, and it's hard to estimate them.

The more abstract the description, the bigger the cost difference (on preliminary estimates). The exact MVP development cost can be announced only after a clear description of the project (which requires the full involvement of some specialists), drawing up the TOR, and creating prototypes and designs.

Planning

MVP development cost depends on the specifics of the project. The final amount can reach several tens of thousands of dollars. Here it is important to correctly calculate the initial budget. You should clearly understand what tasks you are going to solve with the help of MVP. 

MVP development costs can change during the project realization. There are many factors that appear in the process. But there is a base amount of expenses. That's why you need the initial capital anyway. 

If you plan the entire budget correctly and remove everything unnecessary, even with limited resources you can create a full-fledged project. The initial MVP development cost includes the main risks. So you won't have problems with money. What main expenses are waiting for you?

Form the idea: If you have long been thinking about your project — it's good. Even better, if you have worked out a business model beforehand. Otherwise, seek a consultant who will provide professional assistance in detailing the business model. Do not try to save money at this important stage, because it may have a direct impact on the result. 

Do the analytics: If you can analyze the market without outside help, wonderful. But the quality of the analytical data should be perfect. Based on the research, you will form a concept and make a prototype for a future project. So consider all the problems and wishes of your target audience. Try to gather as much information as possible. It is a good idea to study your competitors and the situation in your target market. 

Design: Usually startups try to save money on design. It is a good decision and it will help to bring down MVP development costs. But do not confuse design and UX design. Saving money on the latter is strictly prohibited. Even an MVP should be convenient enough, so you can work out your hypotheses. 

Implementation: You can limit yourself to the basic technologies, which will help you to bring your concept to life. But if your aim is to make a high-quality product, MVP development costs will greatly increase. You will have to spend more time and money. 

You still have to calculate a basic budget and prepare for additional costs. Ideally, think it through during the planning process. You will find out more precise information about the amount of investment in consultation with the contractor.

Features of cost calculation

Writing the terms of reference is one of the most important stages. This allows you to reduce the price of future work, run multiple implementation scenarios in your head or on testbeds before you start writing code, as well as identify bottlenecks and difficult places in the implementation.

The ToR allows you to make the cooperation comfortable for both parties and get the desired result the first time, without additional rework. For example, the data show that architecture defects that can be fixed during architecture design are $1,000, but during testing of the system it can be $15,000.

The average MVP development cost will vary from $15 to $50 per hour for specialists, depending on their specialization within one studio. At the stage of signing the contract, the estimate will change and will be more detailed, with a breakdown by functionality or tasks.

It's important to remember that MVP development costs don't appear unreasonably high. If you want to do it cheaper, you should reconsider what you are offered and look for an alternative. Bargaining is not the right approach to cooperation; it is more effective to look for cheaper solutions together. 

Tips for startups

● You can send your request to different studios to compare MVP development costs.

● Hire your own team. But don't forget that you will have to do a lot of tasks by yourself, to conduct the project, search, control specialists, describe tasks, and answer your questions promptly. Also, do not forget about the indirect price: office fees, payment of all taxes, and related infrastructure prices.

● Focus only on the essentials and remove all the features that often eat up a lot of time, and do only what will be useful now.

● Detailed task description. 

Why is it better to hire a studio rather than a freelancer?

If you are planning to launch a successful project, it's better to contact an experienced company that offers its own for startups. It should have enough designers and programmers with experience in this field. Customers with an idea and a certain amount of resources are now doing so. 

You don't have to look for developers; you don't have to deal with legal issues. If you have a good idea and an option to promote it — there are enough experienced firms that will do the work for you. It will be much cheaper than starting from scratch, and the time prices are incomparable.

Conclusion:

Try to make the first MVP as simple as possible. Otherwise, mistakes can cost you quite a bit. Don't chase a perfect product. Your task is to get feedback from the target audience, and on the basis of this already plan further steps.

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TechGlobeX: What Does The Startup MVP Development Cost Consist Of?
What Does The Startup MVP Development Cost Consist Of?
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