No matter which business sector you belong to, the uncertainty of the success of a product yet to be launched in the market always tags along. Bringing your vision to life is an overwhelming feeling, but business doesn’t only run on feelings. And thus, to get a better idea of how the product will perform in the market, it is best to build MVP, especially if you are running a startup. For example, if you have an app idea in your mind, you should first create an MVP app. It will help you get an improved idea about the feasibility and scope of that app and provide you with enough data that can help you improve the current version of the app if there is any.
Before jumping on how much it will cost to develop an MVP for your startup, first, you need to know whether you need an MVP for your startup or not.
Why does a startup need an MVP?
- Cheaper and wiser than building a product in one go.
- It makes way for the product to enter the market with a bang when launching the final product.
- It helps collect data and feedback that can be used to bring improvement in the original version of the product.
- Last but not least, it reduces the business risk associated with launching the actual product in the market.
Once you tick on all the reasons mentioned above to build an MVP for your product, next comes the question as to how much it will cost you to create an MVP?
If you have already started looking for an agency or freelancers to work on your MVP development, then you must have come across a band of the price that they quote for the same work. Sometimes, the disparity in the prices gets so huge that it makes the customer question whether they are getting their hands on the right services or not. Some vendors also try to sell prototypes instead of MVP, and thus, they easily quote a low price for this service. On the one hand, where MVP can help you envision the success of your product in the market, on the other, a prototype can only offer genuine feedback from the audience.
For obvious reasons, a freelancer would charge you less for developing MVP, somewhere around five to fifteen thousand dollars. In comparison, a professional company can easily stretch the development cost to twenty-five or thirty thousand dollars.
The precise cost depends on the scope of the work required with the project. For example, a basic model of a mobile app MVP, i.e., user-engaging and straightforward MVP, will cost less, but adding customized gestures, transitions, and buttons will cost you a lot more. Remember, beauty comes with a price! And thus, to make your MVP more eye-catching and customized, you will have to pay the upper limit of the expected cost.
What are your possible options for MVP developers for your startup?
Hiring a freelancer
Hiring a freelancer is the most opted choice among startup owners as it is the cheapest and quickest way to work on a project. Although, you may face a lack of obligations by the developer toward your project. They can free themselves from the project in the middle of it or when things don’t work in their favor. Make definite to do a background check on the freelancer MVP developer before hiring them for your project.
Hiring a freelancer may cost you somewhere between five to seven thousand dollars per month. And to make sure that everything goes on smoothly, it is best to hire a designer and a tester, which will cost you around five to seven thousand dollars per month.
So, the overall expense will not be more than twelve or thirteen thousand dollars, which is an affordable range for many startup owners.
An In-house team
The best but expensive option for hiring MVP developers for your business is to build an in-house team of experts. This ensures that the team is more dedicated to a single project that is yours. However, hiring professionals for an in-house team means you will have to pay them a full-time salary, and thus it may burn a hole in your pocket if you are limited on budget.
But if you are ready to invest more to achieve the best quality results, an In-house team is the most suitable option. As to the question of how much it will cost, let’s take a quick look!
You will need the following professionals in your team:
- A full-stack developer will cost you a minimum of eight thousand dollars per month.
- A project manager for around seven or eight thousand dollars per month
- For a designer, you may have to pay three to four thousand dollars per month
- And a tester for around the same salary amount as the designer.
Overall, you may end up paying twenty-five to thirty thousand dollars per month or more, depending on the nature of the job you require from them.
Outsourced MVP developers
Outsourced MVP developers are on quite a high rise in demands these days as it offers you a professional solution at a much cheaper cost. However, an essential task for you as a startup owner is to look out for a trusted and reliable agency. Make sure to go through the company’s website, testimonials, feedbacks, previous projects data and compare them with other potential agency options available to you before hiring one for your startup. This will help you easily overcome the challenges of hiring outsource MVP developers, i.e., building trust and team involvement.
Hiring an outsource MVP developer may cost you around fifteen to twenty-five thousand dollars per month.
Although the cost will come across around the estimated price with different options of hiring MVP developer for your startup, it may also vary depending on the type of team you want to create, or the level of expertise you are looking for, as well as the location and hourly rate of the professionals. But it is advisable to go with a professional MVP development agency if you want to build a quality product.
We always suggest entrepreneurs if you have any idea, please go for MVP to validate it. Our MVP agile development process can grow your idea to a commercial-grade product. Let’s start with a coffee to discuss your idea!!