If you want to create a successful mobile app for your company, then using the MVP app strategy is the best way to go forward.
This strategy is used globally by both start-ups as well as established businesses.
A minimum viable product or MVP has the core features of the app with minimal specifications.
Launching the MVP has several advantages some of which are as follows.
- Let you decide the core features of the app.
- Making the final product through an iterative development method.
- It is cost-effective.
- It reduces the chances of market failure of your app significantly.
Here, we will provide you how much the MVP app development cost and the various factors that contribute to it.
But before that, you need to have a deeper understanding of the MVP app development process as it helps you create an MVP app smoothly and take it to the market.
MVP app development cost for different options
The cost of developing an MVP app depends upon many factors.
The biggest of them relates to who is developing the app for your business.
Let us give you a brief analysis regarding the approximate cost of the MVP app depending upon different developers.
Giving the job to a freelancer
Compared to the other three options given below, this is the most affordable.
Numerous freelance platforms help you to find the best app developer for your needs.
This makes the entire process of finding the right app developer for your MVP app both quick and easy.
The charge of a freelancer can vary depending upon where he/she resides.
A developer who resides in Asia and Latin America will charge less compared to one who lives in Europe or America).
If you hire a complete stack developer, then you have to pay him/her $ 6000 per month.
Furthermore, you have to hire an app designer, he/she will charge around $ 5000 per month.
In addition to these two specialists, you should hire a tester who can charge you $ 2500 per month.
Therefore, the total cost of the MVP app, if you hire a freelancer, would be approximately $ 13,000 per month.
Taking the services of in-house experts
Many companies have the capabilities to rely on their in-house software development team to create the MVP app.
As the internal development team is an integral part of the company, they can stay engaged completely with the project.
Giving the MVP app project to the in-house team ensures that you have complete control over the project.
However, there are some serious drawbacks to giving this project to your in-house team.
These can be categorized as follows.
- Your scarce resources get engaged in developing the MVP.
- Cost overrun.
- A small pool of experts.
- Lack of experience.
If you calculate the overall cost of in-house experts creating the MVP app, then you have to calculate it against their fixed salary and the total time taken for the project.
The approximate cost would be around $ 9200 per month for a full stack developer.
A designer will cost $ 3600 per month.
Spending $ 1400 per month on a tester and $ 7500 per month on a project manager.
This shows that the overall cost for in-house development would be around $ 25,000 per month.
Local App Development Company
If your business is located in a first world country, then you can hire the local app development company to create the MVP app.
The approximate cost of a consultant in a developed country can range from $ 100 to $ 250 per hour.
The same team would charge $ 400 an hour for developing the MVP app.
Therefore, if you look at the overall cost, then it would be in the range of $ 64,000 per month.
Are you willing to spend so much money to validate your app idea?
Outsourcing the app development project to a developing country
Outsourcing the MVP app project to an app development company situated in Asia or Latin America is a good option.
An app development company in a developing country helps you to keep the cost under control.
You also get all the specialties under one roof.
You have to pay approximately $ 25,000 per month if you choose this option to develop an MVP app.
Factors contributing to the cost of developing the MVP
In addition to the location of the developer, a few other things also inflate the development cost of an MVP app. These are as follows.
The app type
The type of framework used to create the MVP adds to its cost.
The experts who will create your mobile app will charge you on an hourly basis.
Therefore, the more time it takes to build the MVP app, the more is the cost of the project.
The App design
The amount of money you have to pay to design an MVP app would be proportional to the level of difficulty it offers.
The tech stack used to develop the MVP app
The technology stack that is used to develop the MVP also costs a lot of money.
The launch stage
The release timing of the MVP app is very important.
If you fail to launch it at an appropriate date, then expect the cost to rise every passing day.
An MVP project can help a company to validate their ideas, build their app faster, and increase their customer base.
You should identify the main functions of the app and select the very best app development company for your project that is well within your budget.