How Much Should An MVP Cost? [Time & Money]
You think you have a great business idea.
And you’ve decided to move from theory to action. You are excited.
You may even have the budget to get your idea started. But, you are worried. You don’t know what’s the next step towards launching your product.
It feels like something’s missing from the equation.
How can you ensure that your idea won’t fail? And how can you make sure you won’t lose your entire budget along with the failed idea?
Well, first of all, you need to be aware that having a great idea or even money for that matter, just isn’t enough to launch a successful business.
And second of all, you need to make sure that you get all the help you need to focus your efforts on something that’s truly productive and can be translated into actual money as soon as possible.
However, in order to be able to do this, you need to be well informed about the Minimum Viable Product (MVP):
- what it is
- why you need one
- how you can create yours and how much it costs
So, basically, in short, what you need to focus on is to make sure that your idea, your budget, and MVP (Minimum Viable Product) is planned together. And also, be sure to know how much it would cost you financially and time-wise. Wait, what? 😕
Don’t worry, I’ll explain it all. But first things first.
What is an MVP (Minimum Viable Product)?
Launching a new business is difficult. But it doesn’t have to be.
You can make things easier, by simply introducing the concept of Minimum Viable Product (MVP) into the big picture.
What exactly is an MVP?
An MVP as a version of your product or service that allows you to collect the maximum amount of validated information about customers with the least effort.
So, basically, an MVP is a somewhat complete product that allows you to test your target market to see if there’s a fit for your idea, for your product/service. It’s also the least expensive, efficient way to discover whether people would pay for what you’re considering to create.
The goal with the MVP is to find out whether people are willing to pay for what you offer or not.
And, one of the best ways you can build the first version of your business at a relatively low cost, and with high-quality output, is to create an MVP and use WordPress to build it.
Why do you need an MVP when launching your startup idea?
You may be in a rush to become successful. You want your product to be big and known.
But, instead of rushing, take a moment and consider the following: instead of being so eager to launch and see your product go big, first make sure you have a great product with the potential to actually become successful.
Think about it this way, an MVP can save you months of development time, compared to building everything from scratch.
Just by creating an MVP, you can start learning about what your target market really needs and wants, what their pain points are by testing your assumptions early in the developing process.
So, in short, the reasons you need an MVP are:
- to test your product and get customer feedback
- to get early-adopters to use your product or service and learn whether your product is a market-ready and market fit product
- to get some primary revenue (if your business model allows it)
- to be able to get some extra seed money with a much higher project valuation
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Why WordPress is the ideal platform for building your MVP
WordPress has come a long way in its development – evolving from being a blogging tool to a complex platform/framework for building just as complex and advanced applications.
If you decide to give WordPress a shot and discover how to leverage it to build your business/product, it might really surprise you.
Also, the whole point of building MVP with WordPress is to get people to see your product or service really fast. Why? Because for most of the business ideas out there, the sooner you show a prototype, a product concept to people, the better for you. The reason? You can quickly find out whether the real product will be a success or a fail.
Here are some reasons why it’s a smart choice to build the first version of your web product with WordPress:
- It is a tried and tested solution, with strong functionalities
- The WordPress plugin directory contains 55,000+ plugins, so you’ll find a plugin, tutorial or theme to build most of the functionality you need
- You can save time and money building your product
- Designing your site is easy
- You can create new opportunities for growth by also converting your website to a mobile app
- You can always opt to replace your website down the road once your business is growing and you can afford a team of developers
And now… How much does the development of an MVP actually cost you?
As you’ve already learned in the above, the first thing you need in order to test your business idea is a Minimum Viable Product – MVP.
And once you have your MVP and start getting some traction, you’ll start noticing usage patterns and will also gain visibility.
But how much does it actually cost you to develop your MVP?
I’ll give you all the details and practical steps you need to know about in order to get a clear understanding of what you should expect once you start working with us at WPRiders.
First of all, we will employ an Agile based process that yields fantastic results. Here’s how it works:
- The Sprint is worth $5000
- Before the Sprint starts, we decide upon a given set of features, and then we work to get them done. We deliver all rounded features that can be readily deployed and used with real people.
- At the end of the Sprint, you evaluate the outcomes, and you gain a better understanding of what needs to be done and how. Then we eventually move on to the next Sprint.
The advantage of the Agile approach is that it gives you maximum business value for the budgeted development time.
Coming back to the MVP:
- we will focus on delivering the MVP in a maximum of two Sprints,
- which means, we jointly choose those features that are both relevant and fit into the first Sprint.
So how much will the MVP cost you?
With a budget of $5,000 – $10,000, you will get a usable first version of your next big idea.
For the other features that you require, there could be needed another 1 to 3 sprints, which is another $5,000 to $15,000.
Why this budget variation?
If you want a bespoke solution, especially made for you, then that is going to take more effort to build and hence will require a larger budget. If you, however, are willing to leverage existing WordPress solutions, they will give you 60%-70% of what you need and, therefore, the budget will be lower.
To get things started, you can schedule a first consulting session with us and discuss your project.
During the 1.5 hours meeting, we’ll:
- help you clarify your target market
- advise you on how to approach the new business idea
- lay out the plan for the next steps
The cost of the meeting (Step 1) is $100, and it’ll take between 1h and 1.5 h.
We will assemble a Prototype that you can start using right away in order to get visibility. It’s like a plastic mold to quickly see and try out a usable mock-up of your future project.
At this step, we’ll meet with you and we’ll choose the features for your first Sprint together. The cost of Step 2 is $750.
At this point, after choosing the features for your first Sprint together, we start working on your Sprint.
What is a Sprint? A Sprint is a batch of development hours (eg: 20, 40 or 50 hours) with a set of expected User Stories to be delivered.
Our goal at every step is to give you a usable and deliverable product. And later on, when we kick off the Sprints, the first two paid stages outlined above will be deducted from the price of the first sprint.
If the above plan lies within your expectations, get in touch with us to kick off the project and to schedule our first consulting meeting.
Many people and entrepreneurs, with a great startup business ideas, dream and hope to launch a successful online business. However, sometimes even after spending months or years, developing or improving their final product, they somehow fail.
Why do these businesses fail? The most common reason is that the new business founders don’t invest in having real communication with their potential customers and generally tend to just focus on launching their final product thinking that the market will surely embrace their product or service.
Confidence is great, but not without research to back you up in your business idea, and not at the cost of having your startup business eventually fail.
It’s always better to find out whether the product or service you are planning to launch represents an actual need for your target market. Find out whether or not your product or services are required by other people or not.
And the best way to do that is to launch your Minimum Viable Product (MVP). 💪
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