How much does it cost to develop an MVP?
Most of us have ideas with us. Furthermore, we want to use these ideas and transform them into business opportunities to generate profits. However, the businesses fail to work out in the early stages due to inaccurate market research. The statistics record suggested that 42% of apps fail, as the market does not require them. Do not waste the time developing a full-fledged. On the other hand, start to focus on the development of the Minimum Viable Product (MVP). It is the scope, which can find the market value of the product. You want to build an app for the business. Then, it is better to design an MVP first and launch it in the market. It saves time and cost.
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What does the cost incur in developing the MVP?
Several factors determine the cost, which incurs in the development of a Minimum Viable Product (MVP). However, the founders assume that the app development costs depend on the technology type used in it. It is not true. The product development budget is one side of the coin. Think to create a strong and market-usable product for the customers.
- Hire the qualified freelancers
The quick, easy and cheap way to finish the Minimum Viable Product (MVP) is to hire a freelancer. Look for a freelancer in the lists of reliable websites such as upwork.com, fiverr.com, and freelancer.com. The full-stack developer cost is $2000 per month. The monthly charges of the tester are $1200 and the designer $2000 per month. Therefore, the overall cost for developing MVP is $5200 per month.Â
- Plan to build an in-house team
At times, the company founders choose in developing an in-house team to handle the MVP project. It is convenient in developing coordination with the in-house team. Check out how much it costs in getting the in-house team. It includes the project manager's $3000 per month cost, tester costs of $2000 per month, the full stack developer's $4000 per month cost, and the designer's $2000 per month.Â
- Outsource the MVP work
Startups can choose the option to outsource their work to freelancers. Moreover, they can look for local agencies and hire them in developing the MVP. The two challenges involved in outsourcing work include team involvement and trust. You can manage these two challenges easily. It can be done while looking for agencies for the work. The hourly price for MVP development is $15. The monthly charges can go up to $9500 accordingly.Â
- Give the MVP work to the local team
Do you have an unlimited budget for MVP development? In that case, you can look for hiring a local team including a project manager and tester. The involvement in the project of Minimum Viable Product (MVP) development starts after finishing the legal proceedings. The agency charges $50 to $125 hourly rates to hire a specialist person for MVP development. Therefore, the cost to get the team for the MVP development project is $200 (approximate). Ask yourself first if you can shell out around $32000 in getting the local specialized team for the MVP development of the product.Â
