MVP Mobile Application Development Cost – An Overview
Mostly the disparity in the prices that they mention is so high that can wonder you whether all those prices are right or it just a trap of mobile app development companies. So before start building the MVP, get into the right pricing and hire experienced software development team.
After reading our previous blog Why You Need an MVP for Your Business?, hope you have started looking for the right software development team to work on your MVP. For that, you would have come across with the huge dissimilarity in the prices they mention. Mostly the disparity in the prices that they mention is so high that can wonder you whether all those prices are right or it just a trap of mobile app development companies.
So before start building the MVP, get into the right pricing and hire experienced software development team. Before discussing the cost of MVP, look at the cost of existing super successful apps:
On the basis of Next Web, top US CTOs quoted the following MVP costs from the world’s best mobile application development companies in USA:
- Twitter – $50,000 to $250,000
- Instagram – $100,000 to $300,000 in 3-6 months
- Facebook – $500,000 in 9 months
- WhatsApp – $250,000 in 9 months
- Uber – $1M to $1.5M
- Pinterest – $120,000 in 4 months
- Shopify – $250,000 and $300,000 in 4-6 months
- Vine – $125,000 and $175,000 in 4 to 6 months
Well, it is quite tough to estimate the exact cost of MVP as it completely depends on the type of the product that you want to built and the complexity of its features. Let’s try to sketch the estimated cost of MVP with the help of factors which plays an important role in its development.
The Estimated Cost Of MVP
There are three ways through which you can design your MVP:
- Do it yourself
- Hire a developer
- Outsource it to a software development company
As we have already mentioned, the cost of the MVP depends on the method you choose. Let’s discuss one by one:
1. Do it yourself
If you have a knowledge of coding, designing, and other skills required for developing an MPV, you can start it on your own. Start with minimal features and launch it in your target audience. After knowing the demand for your product, start adding resources to an actual prototype.
Cost: Approx. $10 to register a domain
2. Hire a developer
Nowadays, many developers are doing freelancing work, you can hire the best fit to develop your MVPs and prototypes. But before hiring them, make sure to pen down the list of initial features that you want in your product otherwise miscommunication can make this process little costly.
Jot down all the features, develop some mockup sessions and wireframes of how you want it to look. Also, do some research on the latest technology and other latest trends, it will help you to work conspire with the developer and to put your strong opinions on technology and tools. This is the best method as there is no need to headed your mind to project management and its cost is also low approx $15,000-$20,000.
3. Outsource it to a software development company
If you don’t have the technical knowledge and can’t manage the development process, then it will be good for you to outsource your project. However managing developers overseas is not an easy task, it requires effective communication as well as an experience of handling the big team. But with the help of adequate and staunch mobile app development company you can easily get your project done without spending ample amount as they have adequate management tools, designers, UX experts, and other technical staff to make sure your MVP is the best it can be.
Depending on the size of the company, the cost of a minimum viable product varies, roughly it ranges from $30,000-$50,000.
As we mentioned earlier, no one can estimate the exact cost of MVP as many hidden costs are also included in it. But the easiest and best way to determine the cost of an MVP is to multiply the number of hours by the hour rate of the developer.
Note: It will be beneficial for you to outsource your project as they are well equipped and can handle development work more smoothly. And the bonus point is that now you can do negotiations with developers as you know approximate prices and time frames of the MVP life cycle.