Did you know?
9 out of 10 startups fail every month!
Well, that does sound surprising but the question is “Why”?
The simple answer to this question is they simply don’t consider “MVP development for startups”!
Yes, you heard it right!
To put it simply, an MVP, or a Minimum Viable Product, is a kind of strategy that fits a basic yet fit-to-market version of the product. Though the version is not fully completed, it includes all the essential features to check whether the product is fit or not.
Even if you’re a startup or an established business, you cannot overlook the importance of MVP in 2024 to save your valuable time and effort.
Excited to dive into MVP? Well, let’s discuss its importance, benefits, steps, and cost.
What is MVP? Why is it Important?
An MVP, or minimum viable product, is often termed as “one of the best strategies for startups” to engage in app development without breaking their budget. Not only does it give every bootstrap business a chance to present itself to its target audience but also it may help cut out unnecessary expenses in the long run.
Let’s understand why MVP is important!
As per the studies conducted, nearly 90% of startups run into potential failures and never come out of them. While 10% of startups gave up in their first years of operations and nearly 70% finally quit between their 2nd and 5th year.
But it doesn’t happen overnight! There are some major reasons behind it! Let’s take a look at them.
| Reasons Behind Failure | Percentage of Businesses for a Particular Reason |
| Not Understanding Their Target Market | 40% |
| Tight Competition | 20% |
| Ending Budget | 30% |
| Multiple Issues Related to Marketing, Pricing, & Design | 10% |
That’s how important MVP is!
It wouldn’t be wrong to say that MVP development for startups can help avoid potential dangers and complete your Android or iOS app development project with ease.
In this post, we’ll help you figure out how to build an MVP for your startup and churn out tangible business benefits.
What are the Benefits of MVP Development for Startups?
Let’s take a look at the potential reasons to invest in MVP development for startups.
1. Detailed analysis of your app/product.
One of the biggest benefits of considering an MVP development for your business is that you will be able to find detailed information about your app or product. Remember that when you know a lot about your product, you will likely have an edge over your competition.
2. Possibility to attract investors.
As a startup, you may be running short on funds which is quite obvious. With MVP, you can increase your chances of getting funding from your investors to launch your application or a product. Unlike a conceptual idea, investors will likely take a keen interest in a product that is already being developed by a team of app developers.
3. Testing stage
Testing plays an incredibly important role in the functioning of your MVP. Not only does it help eliminate unnecessary features but also allows the developers to save time and effort. After testing, you can easily eliminate bugs and incorporate new features to make your app look appealing and perform seamlessly.
4. Cost-effectiveness
It is no secret that improper planning is the main reason behind the failure of most startups. To help combat such circumstances, MVP product developers can significantly reduce upfront expenses which would help save the budget of a startup.
What is the Checklist for MVP Development for Startups?
1. Set the goal
No matter whether you want to run into Android or iOS app development, you should have a goal. As a startup, you should have a clear goal in your mind “What kind of issue will your product solve?”. Remember that if your product is solving any issue then it’s a great thing and you should work on it with complete determination.
Don’t have time? no worry! Simply hire the best iOS app development company to help you understand your goals and build a solid MVP for your business.
2. Explore the market
Once you know your goal, you then may need to research the market and also your competitors. During your research, you would be able to get your hands on a multitude of details and information related to improvement areas, your competitors’ strategy, and the approach to follow.
3. Research the audience
If you have no idea about your customers then there’s no point in designing an app or a software product. Ensure you gain enough detailed insights about the age, gender, occupation, and occupation of your customers so that you can customize the product and design in a way that caters to your audience’s needs.
4. List the features
Once you successfully hire the top iOS app development company, you will then need to list all functions and features. Ensure you discuss your project details with them and they will then churn out essential features that may boost your app growth to the fullest. Furthermore, when it comes to features, you will need to choose the best technology stack that ensures your app is modern, responsive, feature-rich, and scalable.
5. Launch MVP
After you are done with designing and coding, it’s time to run into product deployment. Remember that before deploying it even to a small group of target audiences, you should have done enough testing (automated and manual) to ensure your product caters to your users’ demands without compromising their experience.
6. Collect feedback
If you believe that the work is done here, you’re probably mistaken! Remember that the future of your MVP depends on this stage and if you carefully acknowledge this feedback aspect then your Android or iOS mobile app development will not go in vain. Simply collect user feedback on stores and quantitative and qualitative KPIs.
How much does it cost to build an MVP for your startup?
Unfortunately, there’s no one-size-fits-all answer that would tell you how much it costs to build an MVP for your startup in 2024! There is no fixed cost and even the final cost may depend on a multitude of factors that may include;
- Your target platform(s)
- The complexity of your app design
- The experience of an iOS app development company
- The features you include
- Number of developers you hire
- The tech stack you use
- Post-deployment support
Final Thoughts
So, there you have it! That’s a wrap-up to the complete MVP development for startups in 2024! It is no secret that bringing a new product to life can be a tough challenge with the abundance of competitors, and lack of time, money, and knowledge of the possible results.
Looking to hire a dedicated MVP development company for your startup? If so, leave everything to EitBiz! Partner with EitBiz and build a robust, functional, and feature-rich MVP for your startup today. Drop us an email at info@eitbiz.com or call us at +1(812)530-6300 today!
