After reading our previous blog Why You Need an
MVP for Your Business?, hope you have started looking for
the right software development team to work on your MVP. For that, you would
have come across with the huge dissimilarity in the prices they mention. Mostly
the disparity in the prices that they mention is so high that can wonder you
whether all those prices are right or it just a trap of mobile app
development companies.
So before start building the
MVP, get into the right pricing and hire experienced software development team.
Before discussing the cost of MVP, look at the cost of existing super
successful apps:
On the basis of Next Web, top US CTOs quoted the following
MVP costs from the world’s best mobile application development companies in USA:
- Twitter – $50,000 to $250,000
- Instagram – $100,000 to $300,000 in 3-6 months
- Facebook – $500,000 in 9 months
- WhatsApp – $250,000 in 9 months
- Uber – $1M to $1.5M
- Pinterest – $120,000 in 4 months
- Shopify – $250,000 and $300,000 in 4-6 months
- Vine – $125,000 and $175,000 in 4 to 6 months
Well, it is quite tough to
estimate the exact cost of MVP as it completely depends on the type of the
product that you want to build and the complexity of its features. Let’s try to
sketch the estimated cost of MVP with the help of factors which plays an
important role in its development.
The Estimated Cost Of MVP
There are three ways through
which you can design your MVP:
1.
Do it yourself
2.
Hire a developer
3.
Outsource it to a software development
company
As we have already mentioned,
the cost of the MVP depends on the method you choose. Let’s discuss one by one:
1. Do it yourself
If you have a knowledge of
coding, designing, and other skills required for developing an MPV, you can
start it on your own. Start with minimal features and launch it in your target
audience. After knowing the demand for your product, start adding resources to
an actual prototype.
Cost: Approx. $10 to register a
domain
2.
Hire a developer
Nowadays, many developers are
doing freelancing work, you can hire the best fit to develop your MVPs and
prototypes. But before hiring them, make sure to pen down the list of initial
features that you want in your product otherwise miscommunication can make this
process little costly.
Jot down all the features,
develop some mockup sessions and wireframes of how you want it to look. Also,
do some research on the latest technology and other latest trends, it will help
you to work conspire with the developer and to put your strong opinions on
technology and tools. This is the best method as there is no need to head your
mind to project management and its cost is also low approx. $15,000-$20,000.
3.
Outsource it to a software development company
If you don’t have the technical
knowledge and can’t manage the development process, then it will be good for
you to outsource your project. However, managing developers overseas is not an
easy task, it requires effective communication as well as an experience of
handling the big team. But with the help of adequate and staunch mobile app
development company you can easily get your project done
without spending ample amount as they have adequate management tools,
designers, UX experts, and other technical staff to make sure your MVP is the
best it can be.
Depending on the size of the
company, the cost of a minimum viable product varies, roughly it ranges from
$30,000-$50,000.
Summing
Up
As we mentioned earlier, no one
can estimate the exact cost of MVP as many hidden costs are also included in
it. But the easiest and best way to determine the cost of an MVP is to multiply
the number of hours by the hour rate of the developer.
For more details connect with us today
at +1
(512) 333-1321 or visit Consagous
Technologies to make your idea MVP ready!
Note: It will be beneficial for
you to outsource your project as they are well equipped and can handle
development work more smoothly. And the bonus point is that now you can do
negotiations with developers as you know approximate prices and time frames of
the MVP life cycle.
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