How To Calculate MVP Development Cost For Mobile Apps?

How To Calculate MVP Development Cost For Mobile Apps

Day by day, use of mobile apps is increasing because people find them convenient and easy. Apps made our life easier as we can do shopping, pay bills and even get medical advice from the comfort of home. There are tons of apps available in the market and it would be important to make your app stand out from your competitors. To do so, it is essential to choose the right strategy for an app to be developed. MVP is the best way to do so. Here we’ll discuss how to estimate the cost of MVP development for mobile development. But before digging into it, let’s have a look at MVP, and its need.

Know the- Best tips to improve your mobile app performance

What Is An MVP App?

Minimum Viable Product
Minimum Viable Product

MVP stands for minimum viable product and has minimum features that are integral to the function and core idea. Launching an MVP app is considered a strategic move for startups. MVP app helps to collect important and relevant data that will help to make future decisions. Also it helps to get user’s reactions to the features and purpose of the app. This is the best way of validating apps and preventing any major failures. Following points will help you to understand the nature of MVP app-

  • It is a functional app and has only essential and basic functions
  • New features development is carried out in phases so it will not put too much pressure on available funds
  • It helps to develop smart spending tactics so that you have sufficient funds to develop second phase of app
  • MVP is a complete product that goes through changes as you can add new features with time

Need Of An MVP Development-

MVP gives a chance to test the strongest features of an app and check customer feedback for those features. So it is worth developing an MVP. Customer feedback is crucial as it can help to improve user experience. Benefits of MVP mobile app-

  • Saves money by avoiding unwanted costs
  • Opportunity to test potential risks
  • Reduce business risks
  • Get real feedback from users

Strategy For MVP App Development-

While developing an MVP app, you must pay attention to M i.e, minimum, V stands for viable that is mostly ignored which results in below-average product instead of excellent one. Main issue is that MVP growth process steps are not understood in the right way. Here are the steps that should be taken into consideration.

Sometimes ideas do not fit in with the market requirement. So ensure that it meets the target users’ needs before you propose an idea and start an MVP development process. Conduct surveys, when more information is available to you are more likely to succeed. Always keep an activity of your competitors and  what they offer.     

Users always want the benefit out of your product. As MVP means, explain and create your MVP based on value for the people. Hence it is important to map the user flow. The procedure step must be defined to describe user flow and you must clarify what steps to achieve the primary goal. Also, remember that features you want to include in your app must be listed before MVP working starts. Features should be categorized according to the priority.

You will build MVP after knowing the important features and requirements of business. Note that, an MVP is not less than a finished product and has to specify consumer’s needs. Hence it should be easy for users to use and get engaged. 

Factors Affecting The Cost Of MVP Development-

Cost of building an MVP is a fraction of what a complete app costs. It depends on various factors. Here are some of those-

App Type-

MVP development costs are determined by the type of framework you create and its features. Meaning that if the app structure is more complex it will face some challenges to develop an MVP too. Hence, you have to determine the important features of the app and its purpose. You want to include those key features in the app at the beginning. You can categorize those app features into three separate sections as- 

  • Must have 
  • Good to have
  • Need to have 

At this tep, it is important that the first version of MVP is simple and has everything you want.

2. App Design-

Design costs are a large proportion of total costs and it depends on level of difficulty. MVP design means designing user interface. There are extra costs for original design. You can keep the design simple at this stage, that is attractive and high on the scale of usability.

3. Tech Stack-

While estimating the cost of MVP, technology stack is an important factor. If you’re not technologically experienced, you can think about a skilled person in the software development department. You need to decide logically at this point to go with a home device or hybrid program. Best choice at this stage would be the ability to create your own app for a fraction of cost.

4. Launch Stage-

Time is important in the business world, particularly for the emerging and quickly changing software development market. It is important to determine when the MVP is to be released, but the users must have input. This timeout gets more significant because if you postpone the delivery, the cost will go up. 

Cost Of MVP Development Of An App-

Various significant considerations determine the overall cost of MVP app development. Many developers believe that development cost is dependent on the technology used but it is just one side of the coin. So as to deliver a great product, the app owners must select developers intelligently as it significantly impacts the app development. Let’s have a look at the options to hire developers.

1. In-house-

In-house software development is the first choice of a number of companies from all over the world. It offers a clear relationship and enables the team to engage entirely in the project. 

Biggest drawback of this option is higher prices. When you start with a small budget, then it may be a challenge for you. You are expected to pay holiday and hiring costs and many other expenses when recruiting full-time programmers. Ensure that you have this amount of MVP spending in your business. Hiring cost of full-stack developer, designer will be charged. Also if you hire a tester too, then it will also add in overall cost.

2. Hiring A Freelancer-

It is an affordable and easy way because there are lots of freelance platforms to help you find programmers that can fulfill all your requirements, such as freelancer.com or upgrad.com. But the biggest problem is the lack of project commitments and they can easily leave if something went wrong. Meaning that you must have a project manager and your own responsibility lies in all coordination and communication. A complete stack developer is necessary for your project and will cost you about $6000 per month. Designer is needed and will cost nearly five thousand dollars per month. During the complete production cycle, you may need a tester. Professional will costs you about $2500 per month.

3. Outsourcing App Development Company-

Outsourcing is a common alternative when it comes to developing an app’s MVP. Because you can hire a local agency for a cheaper price in comparison to any other alternative. Outsourcing app development includes two obstacles- developing trust and involving a team. While recruiting prospective firms, ensure that you have properly investigated them. This can be done through review, company websites and recent case studies. But what is the overall cost of the outsourcing system for MVP? If you hire a team of minimum 4 persons, the team will cost $160 per hour.

Wrap Up-

Determining the cost of mobile app MVP is not an impossible task. The above-mentioned important factors help to determine the cost and get the results that you are looking for. You can release the MVP and get valuable feedback from the target customers.

If you are thinking of building a mobile app for a business, consult with Solace experts. We are here to help you through consultation and development of mobile apps with MVP development. You can also hire android developers, ios developers, flutter developers of Solace team for an effective mobile app development. Connect with Solace and get a free quote for mobile app development. We will be happy to help you.

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