What is an MVP or how to start your own business and not lose the money?
Why do start-ups need an MVP?
MVP is a minimum viable product.
The term is used in relation to developments in industry, science, but most of all it has taken root in IT. In IT field, a product is an app or website. MVP is an application or website with minimal functionality.
Creating an MVP is used at the initial stages of a startup, when you have just formed the main concept and theses, and you need to take the first step towards their implementation.
Of course, you can immediately try to create the perfect app, but this will require a larger budget.
Why do start-ups need an MVP?
Taking the MVP as only a tool to save costs might be wrong. To be more accurate it’s all about budget optimization rather than saving costs. A minimum product should be definitely cheap, yet trying to save the money should not affect the functionality.
Product Viability is a chance to apply it in practice. The viability is determined by whether users will be interested in the app. Therefore in MVP, some “awesome features” can be neglected, yet the application should have an intuitive and user-friendly interface, solving a user’s tasks.
Hence the main task of the MVP is to test the potential audience’s interest in the product. Based on the data received you will get information on the further start-up perspectives.
Another reason for building the MVP is to attract investment. As practically shown, a working product, even at the first realization stages, is a huge signal for investors.
What is the difference between an MVP and a prototype?
Often the MVP is contrasted with a prototype. Though it is not correct. Contrasting the MVP with prototype is not a good idea as they solve different tasks and have distinctive realization ways.
A prototype is a product for internal use which basically plays a draft role. Frequently it remains within the company. The need for a prototype is there only to value the idea. It helps in finding the flaws of the product way before its release.
Despite its primitiveness, the MVP is already a working product. It is a real thing that functions in a way it has to. It is tested by users rather than company staff.
To sum up, a prototype is a planning phase, while the MVP is a realization phase. So an analogy with a real-world would be, the prototype is going to be a plastic model of a knife. The MVP is a knife made of normal materials that can cut. A final product is a knife with a Damascus steel blade and an ergonomic handle with ivory overlays.
How much does an MVP building cost?
The development cost will depend on how many hours are going to be spend on work. Thus the viral criteria is the complexity of a project. Based on the complexity we can figure out how many people should be involved.
If you would like us to estimate the cost of your project, please contact out studio.
How long does it take to develop an MVP?
The minimal development time for MVP based on our experience is 1–2 month. However this probably an exception to the rule. Typically the building takes around 6–12 weeks. The building time as well as the cost depend on the MVP complexity.
Also, one of the important aspects is communication. If a person who’s responsible from your side doesn’t ignore our requests, we will realize the MVP on time. In return, we guarantee you that our Project Manager will always be in touch.
How does building an MVP look like: from idea to start-up realization
Contacting specialists to build the MVP makes sense if you have a clear idea of a product concept: what’s it for, who’s the audience.
These key points will be enough to start the discussion. Personally, we follow the next steps:
- A customer reaches us, providing us with the idea. We figure out if we can help with its realization. When choosing a project we pay our attention to unique ideas that may have the potential to make a hit. Since our goal is not just to earn the client’s money, but to bring a useful result for the world.
- In case we are competent enough, we will hold a meeting with you, gathering all the essential information on the future app. Due to our experience in app development, we often happen to come up with not obvious at first sight, but effective ways to develop an idea.
- Within 24 hours we review the gathered information that stands for a work plan. At this stage, we provide the client with a budget estimation required for building the MVP start-up.
- Then, we analyze the niche. At this stage, we divide the audience into different groups and create a portrait of them. The user’s needs are determined based on the portrait. This helps create a high-quality project architecture so that the MVP is usable at the start.
- Now this is where an intensive work starts. The first step is creating wireframes. The result of the work will be the MVP frame, on the basis of which decisions will be made and the application will be built.
- The second step is the design. You can say as much as you please that it is what’s in that makes a candy sweet, but not the wrapper. The truth is it is the wrapper that provokes us to choose a product among thousands. We will create a clickable prototype based on the screens made by the designer.
- The last step is development. Your idea and our concept get a real implementation — the MVP that can be given to the user.
At this moment we climb to the first level of the start-up realization. Being here, it is crucial to carefully examine feedback. Usually, at this stage, huge adjustments are being made to the original concept. But the most important question to ask here is whether it’s worth moving forward or giving up on the project realization in a case of possible failure.
4 signs of an MVP failure
- You have a clear idea. It is best if it is aimed at occupying a new niche. If you are willing to compete with already launched products, then the idea should be focused on the advantage. “I striving for making it like [a name of a well-known brand]” is the wrong approach.
- The user is always right. If the feedback says that the product requires changes, make them. It is not worth it holding on to interesting ideas if they are not relevant to the user. Keep in mind that a startup should make a profit, but you can’t get money from dissatisfied customers.
- Add new features only after the main idea is implemented. This will allow you to make a product that solves users’ problems and prevent you from spending your budget on secondary things.
- A good app doesn’t have a final version. Therefore, the development process follows the scheme: feedback-revision-testing-feedback-revision…
If you decided on building an MVP, contact our Manager.
With Afterglow, your start-up is one step closer to success!
