It is best to test the waters before taking a dip. The minimum viable product helps you do exactly that. It enables you to develop a product with basic features, test it on the ground, make changes according to the market analysis, and finally launch the final product. Even better is to follow the agile methodology that ensures that every input from the market is incorporated into application development while on the go. The MVP development cost can range from $15,000 to $150,000 or more, depending on various factors. Understanding each entailing factor in detail can help you arrive at a cost estimate required for your MVP project.
Now, before exploring the factors that affect MVP costs, let’s start by having a quick look at why you should plan your MVP for software development budget in the first place.
How much does it cost to build an MVP and what factors drive it?
Now, let’s come to the main question, how much does an MVP cost and what are the main factors that drive it? As mentioned above, the minimum viable product cost can range from $15,000 to $150,000, or more, depending on various factors, such as the complexity of the app’s idea, functionality, design, and location of the MVP development team.
Factors affecting the Minimum Viable Product development
When it comes to MVP pricing, you will receive a new cost estimate from every team or developer, even if you describe the projects the exact same way. This happens because there are a number of variables that determine the costs.
Let us discuss some of these variables:
Application type
The complexity of the application is one of the factors that influence the cost of the MVP greatly. Simpler the product, lesser will the development cost and vice versa. Listing the required features before getting into budget framing is highly advised.
Designing
Needless to say, the whole application’s success depends on the design. Thus, it should be created with careful consideration of UI/UX, wireframes, and expertise. It is estimated that this feature will have the highest stake in the cost contribution of the development.
Development team
A project manager serves as their point of contact and makes sure that the MVP development proceeds according to schedule.
Hourly rate
This format is advantageous as you pay only for what you get. The difference in rates is because of two factors- geolocation and developers’ qualifications.
Geolocation
Depending on the living conditions in each nation, your price will also vary, for the same reason as why $50 in the US is not the same as $50 in Taiwan.
Qualification
The salary of your developer will also depend on their expertise and experience. Developers are typically split into 3 groups based on their level of experience:
- Juniors (up to 1 year)
- Middle (between 1 and 5 years),
- and Seniors (no less than five years)
Type of contract
Your type of contract and contractual obligations are significant determinants of MVP pricing. The most commonly used is the Time and Material contract which follows the actual payment per-hour policy. It allows for flexible working and covers the minimum payable amount for MVP app development.
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