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Guide

How to Create a Minimum Viable Product (MVP) and Not Lose Time and Money?

The full guide, useful tips, and secrets from developers

At the stage of planning, it is normal if you are hesitating whether your product is worth the effort needed. Implementation of the first idea into sound and a great project is the long-term, cost-effective and challenging process. Your obligation as a founder is making the most critical decisions.

The biggest mistake of many companies is poor planning. They start building every single feature the team would come up with. Thus, ending up with an unfinished product. That is not linked inside, doesn’t have final business logic and doesn’t have a monetization instrument. As a result, those startups are suffering from financial losses and end up leaving the market before even getting started to outperform it.

Building a Minimum Viable Product will allow doing some reconnaissance, structuring your vision in a sound project, and avoid crucial mistakes. But how to make it in the right way? Let’s review today the most critical moments and best strategies for implementing a new idea in real software.

MVP – What Does It Mean?

MVP means Minimum Viable Product. But sometimes it’s mistakenly transcribed as Minimum Valuable Product or Minimal Valuable Product. Anyway, what is the minimum viable product? Will it be all about testing? In any field? Well, partly. The primary reason for the MVP product development is to promote itself, attract first customers and test the strengths in real life.

Such a decision will help you:

  • To understand the pitfalls of the environment;
  • To discover the strengths and weaknesses of your business idea;
  • To find the best solutions to satisfy users/clients.

So essentially, we can name MVP as a principal approach for your product to start growing from a startup to the Top Market Giant.

Another reason to use a minimum (but core) features approach is arising after first real-market testing. The results of a “field test” may be quite surprising. Your team may end with the entire revoking of the business logic, substituting of the key features, or changing the entire design. Remember, your user will be the one who is defining the development way for you.

Now, let’s move on and check some market giants, that began as a Minimum Viable Product.

Popular apps that were an MVP

The Most Popular Products That Started With MVP

If you think you don’t need an MVP, let us show you some popular apps that started as MVP.

  • Uber

Surely, Uber is a great minimum viable product example. Did you know it actually started as UberCabs already in 2009? The first version of Uber was far from finding taxis as we all used now.

UberCabs was an iPhone application. The APP was connecting customers only with cab drivers and providing credit card payments for the ride. The Uber application offered only these solutions on an initial level.

  • Dropbox

Dropbox is another good example of one classic MVP product. Drew Houston (if you want you can check more info about him on Wiki), the CEO and Founder of Dropbox, for sure knew what he and his team were planning to make. However, they weren’t confident how users would react to their cloud storage solutions. Moreover, at the time of Dropbox launch competition on this market was already quite fierce. Anyway, their idea was warmly greeted and still is one of the most used cloud storage services.

  • AMAZON

It’s difficult imagining that such a giant like Amazon started a long time ago as a bookseller. With its focus on books, in 1994, it was a webpage with a simplistic design. Can we call it the perfect minimum viable product at that time?

Well, with the understanding that nowadays, Amazon is a well-known top American company. Isn’t it something worth striving to achieve?

  • TWITTER

Twitter is surely one widely popular social media service now. However, its initial idea was based on a completely different approach. How did it start? It all happened after Apple had released its iTunes. A podcasting platform named Odea had some rough time after that. And as a result, it was forced to promptly change its business area. That is how the team came up with the idea of a messaging platform, based on SMS. It was named “twttr” and supposed to be used only internally, as a company product. However, we all know it turned out to be a bit different.

  • FACEBOOK

The last, but definitely not the least important example is Facebook. Its MVP version was simply connecting students together via their college or class. The idea hasn’t been new, as it was already implemented in various social media platforms. Though, simplicity and user-friendliness helped Facebook gain its popularity.

Why Do You Need a Minimum Viable Product?

Anyway, even if someone got success by starting as an MVP, it doesn’t mean you will get it. So why do you need to build an MVP?

You may need a minimum viable product for several reasons:

  • You need early investments. And intend showing investors your idea in full (even a small prototype is much better than a simple idea on the paper);
  • You need to test your idea and find early adopters (community is what will lead you in future development and what will help you become better);
  • You need a quick launch of the working project (MVP has a fast market delivery);
  • Your funding is very limited (the full-fledged project may cost millions meanwhile MVP pricing won’t reach more than several thousand);
  • You need gaining revenue as soon as possible. Therefore, you need an already working product, though limited to its functionality.

Benefits for developing an MVP product

Benefits of an MVP for Your Business

Rome wasn’t built in a day – but builders were laying bricks every hour. We are admitting, it’s difficult to select common benefits for each and every project. Therefore, we shall clearly understand, advantages may vary depending on your goals.

However, the key benefits worth mentioning are:

1)Helps to keep focusing on core functions

MVP is the best option in order not to mess up with unnecessary features. It will help reduce procrastination and highlight your goals. The path will be clear, and you won’t have any risks to end up with an underdeveloped project.

2) Reduces bug fixing period

The big project not only needs more time for the development but has a rough time of bug fixing. While smaller, simpler MVP variant will make bugs easier to be found and fixed.

3) Fast release

The second point implies the release time. Whereas all development components take less time. MVP should be simple and has only the most needed features. You can cut the time needed for analysis, design, QA and other smaller development parts.

4)Scaling

MVP leaves you room for growth. You will be able to turn your basic application in almost anything after you test the minimum viable version on the market.

How to Build an MVP: Crucial Steps and Some Turnkey Solutions

So what is MVP in software development? In our opinion, it can be called a STEP of your Roadmap towards the implementation of your idea. However, in order to perform all the stages and grow from a startup to a big enterprise (or simply to become a trendy product) you need to create MVP, that will perfectly fit the market.

So, how to create a minimum viable product correctly? It may be a difficult task, but we will try to ease your struggles with several hints from our specialists on MVP development.

A small reminder: do NOT hesitate to request assistance from a professional Business Analyst. Such a specialist will be indispensable for your product’s greatness.

MVP development full guide

Step-By-Step Guide

Please answer the following questions. They will help you define how to create a minimum viable product and visualize your goals.

  • What tasks does your application solve?

Priorities issues you want to solve with your app. If you want to release a messenger, then concentrate on message features, don’t try to integrate music at the very beginning.

  • Who is your client?

Do not distract your goals on each and every person, who might use your app. Clearly define all nuances like gender, age, location, interests and what your app should give the user.

  • What user will do inside your app? 

Play a game, draw a step-by-step diagram. Illustrate each step that a user will do inside your app, starting from registration. Here add everything you want to have, don’t stop yourself from having the plan of all the features you want to have inside your application.

NOTE: This step is important for the project in general, not limiting to the MVP. By implementing this simple step, you will be able to visualize your idea and see its strengths and weaknesses.

  • What are the MUST-HAVE features?

After having an illustration, you need to highlight the must-have features for the minimum viable product version.

Tips on the MVP development process:

  • ↻ Re-do question 4 as many times until you feel you have the final list of features.

  • ✩ Prioritize your list by giving each feature the number of priorities. For example, from 5 (the most important) to 1 (the least important).

  • ⏳ Do not hesitate to consult specialist teams. A highly qualified business analyst may help you not only to save a few thousands of bucks but also will help to understand the risks. He will also guide you in correcting the business strategy.

  • 📢 Don’t forget to ask yourself an extra question: “How is my app better than competitors”.

  • 🔎 Take a glimpse of projects that have also started as a Minimum Viable Product (Twitter/Uber/Facebook/Dropbox). Use the previous experience of your competitors on how to develop an MVP. Highlight their weak parts and overcome them.

Our Ready-Made Box Solutions for MVP Development

However, if you are thinking about how to develop an MVP in the shortest period of time, the best practice will be to use box solutions. You can find dozens of package products with basic features. Some of them are divided by product type (messenger, CRM, social network, wallet, etc.). Others are divided by functionality (registration + admin area, payment gateway, message processor, etc.).

And if you are looking for a unique Blockchain solution Inn4Science has something to offer you. “Platform” for a blockchain-based payment system. The so-called platform is a set of pre-defined components, modules, and interfaces for the quick launch of various systems.

Projects, that can be easily implemented by using our solution:

  • Payment system
  • Custom cryptocurrency
  • Investment platform
  • Processing system

Capabilities of the System:

A small list of key features, that might be crucial for you. As we have created a very flexible set of modules, it can be customized in almost everything. Moreover, it won’t take much time as you will need to implement only minor changes.

  1. A blockchain payment system with the ability to create a custom cryptocurrency;
  2. The opportunity to use two separate blockchain networks. Thus, you can create independent utilities and security tokens;
  3. The payment gateway for working with acquiring;
  4. The capacity to transfer and request tokens, generate pending transactions;
  5. The API for integration with external applications;
  6. Has administration area, that allows you to manage tokens;
  7. Integration with exchanges;
  8. The ability to replace the private blockchain with a public one for the utility tokens.

How Much Does it Cost to Develop a Minimum Viable Product

It’s a kinda tricky question. Prices for an MVP may vary from 200 bucks (on a freelance website) to $ 15k in a software development company. But what is the right price? Is it $2,000 or $5,000, or even $10,000? Unfortunately, we can’t give a clear answer to this question.

It’s highly variable from case to case. And the price for developing MVP of an instant messenger will be different for an MVP of a payment system. Therefore, let’s try to measure how much will it take physically to create a minimum viable product.

Basically for creating an MVP, you may need:

  • 1 Business Analyst – in order to build the right strategy and list of features.
  • 1 Project Manager – who will supervise the project.
  • 1 Designer – you won’t go far without a good interface.
  • 1-2 QA – depends on the size of the project, but a thorough QA is mandatory.
  • 2-4 Back-end developers – for creating the core of your APP
  • 1-2 Front-end developers – for creating the wrapping.

As due time, usually, the MVP development takes around 3-4 months. However, all this information is very approximate. No one can tell you the exact prices, teams, time needed to implement a project without having the idea of this project.

You can contact our managers for a detailed review and estimation of your project via

[email protected]

You can contact our managers for a detailed review and estimation of your project via

[email protected]

Conclusion:

Imagine that your product is a house that you need to build from the ground foundation. And at the beginning, you just have a wall box. What will be your steps? Will you start from the wall painting? Definitely not, and the way of how to build a minimum viable product is the same. Proof the concept by placing windows. Then imagine what will be the minimum things you need to start living in this house. Do you need a gorgeous bed from the very beginning? We believe not yet. What you need is a mattress. Fix yourself a bathroom and get a cooker. Generally, you can start living and building the rest afterward. The same goes to the MVP software development, do not focus on things that are not “must-have”. For example, you can start without proper design, but simply use some templates from the Bootstrap Library.

Remember what is a minimum viable product.

How to build an MVP product

DO YOU HAVE ANY QUESTIONS?

LET'S DISCUSS! BOOK A CONSULTATION WITH OUR SPECIALIST


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