How Much Does MVP Development Cost in 2023?
Published on: October 30, 2022
Last updated: April 09, 2023 Read in fullscreen view
Last updated: April 09, 2023 Read in fullscreen view
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The costs and time of developing an MVP depend on the type of product you want to deliver. On average, the MVP development process takes around 2 - 6 months. Indeed, you can extend this period depending on the number of features you want to cover in your product.
At TIGO, we recommend our clients start or test their business ideas with an MVP.
The cost of getting complete product development would vary as per your software requirements, size, complexity, team required, and time to build. A simple MVP development that requires eight weeks to build with a team of five can cost around $60,000.
Cost savings on getting managed projects
With a managed product development project, you need to send your requirements, get the quote from the outsourcing agency, have a team set up for you, and get the project work done. They even assign a project manager, so you even save the cost of managing the product development.
Cost Of Hiring Complete Teams
When you decide to build a product development team with an offshore company, there are different costs included in it. While the software outsourcing company would quote a price for the complete team, to calculate it, you can sum the per hour fees of all the developers together. So, if you need a team composed of a senior software developer, junior software developer, project manager, business analyst, QA engineer, and UI/UX designer, the charges would be a sum of their per hour fees. At TIGO, on average, this could come around $20 per hour or $3,500 per month.
How much does it cost to build an MVP?
As we have discovered what are the steps of MVP development, let’s take a short review in the table below. It shows the time and money needed at each step of MVP app development.
| Time and cost of MVP development, by steps | ||
| Development phase | Time, hours | Cost, $ |
| Product discovery | 60-120 | $1,800-$3,600 |
| UX/UI design | 60-120 | $2,400-$4,800 |
| Development | 600-2400 | $24,000-$96,000 |
| Maintenance and support | 10-25 | $400-$1,000 |
| Scaling | By request | By request |
| Total | 850-3145 | $33,400-$124,600 |
The MVP cost for different types of solutions
| Estimated MVP cost | ||
| Type of MVP | Time of development, hours | Cost of development, $ |
| Marketplace Web portal for B2B, B2C... | 850 | $34,000 |
| House rent website for expats | 1100 | $44,000 |
| Online service marketplace | 1350 | $54,000 |
| Fitness progressive web application | 1600 | $64,000 |
| Multi-vendor marketplace | 2340 | $94,000 |
The MVP pricing above is approximate. You can get the exact cost of MVP app development services from your software development partner.
It is essential that you include the features that will make your product attractive to early customers. The MVP that you build aims to win users’ trust and interest. So, it is advisable to reach the optimal price that correlates with your MVP’s core functionality.
Cost breakdown by components
MVP price is a relative thing, that is constructed of different components. Here is a list of such components:
- Services (design, dev, Qa, etc);
- Platforms (mobile: Andr/iOS/ both, web);
- Product USV (unique sales value – in tech or service);
- Design complexity and number of iterations;
- Scope of product and number of user roles;
- Stakeholder maturity – how well does he know the market and domain?
- Third parties vs Custom development (Custom CMS or Admin panel will be higher in cost).
Factors influencing the MVP cost
Ad-Hoc Costs
While these are some of the direct costs in outsourcing, there could be a number of ad-hoc costs that might crop up during your outsourcing venture. Some of these out-of-pocket costs are listed down below:
- Cost of getting the SSL Certificate for your product's security
-
Cost of creating the SSL certificate, if you want one
-
Cost of asking the developer to visit on-site or you visiting the company's office
-
Cost of technical consultant or project architect as a technology partner that you might seek
Frequently Asked Questions
Are MVPs only for startups?
The notion that MVP is reserved exclusively for startups is a common industry misconception. In reality, businesses with established products can use MVP too, though the application is a slightly different.
Is MVP necessary?
A minimum viable product, or MVP, is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. In industries such as software, the MVP can help the product team receive user feedback as quickly as possible to iterate and improve the product.
Does a MVP need to be in production?
In fact, the MVP doesn't have to be a product at all. And it's not something you build only once, and then consider the job done.
Is an MVP the same as a prototype?
An MVP is usually a fully functional product. It has complete, yet minimal features. On the other hand, a prototype is a simulation of the software designed to look and feel like a real product. It doesn't have full-fledged features.
Should we outsource our MVP?
It's one of the best ways to achieve a quality result in record time – even if you don't have the expertise to do it. And even if you had a competent development team, outsourcing can still be a good idea so your developers can focus on other things.
How much does it cost to create an MVP app?
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.
How long does it take to build an MVP app?
MVP building process usually takes from 3 to 4 months. Of course, everything depends on the features set, design complexity, and human resources who are engaged in the process.
How do you build MVP without coding?
Best no-code tools for building an MVP:
- Google Sheets.
- Airtable.
- Coda.
- Bubble.
- Webflow.
- Zapier.
- Coupler.io.
- Typeform.
Is no-code good for your MVP development?
Tip #1: Test the idea before building anything.
Tip #2: Do competitor & user research.
Tip #3: Set Goals.
Tip #4: Create a list of features & user flow.
Tip #5 Test prototype.
Tip #6 Develop the product with no-code.
Tip #7 Use the “Build, Measure, Learn” approach.
Tip #2: Do competitor & user research.
Tip #3: Set Goals.
Tip #4: Create a list of features & user flow.
Tip #5 Test prototype.
Tip #6 Develop the product with no-code.
Tip #7 Use the “Build, Measure, Learn” approach.
Is it easier to get funding with MVP?
A minimum viable product allows businesses to gauge investor interest in the product and get funding to continue developing the product. The cost to build an MVP is typically less and are less risky than traditional product development, making them appealing to investors
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