For startups and small businesses, developing a new product can be a challenge, especially when cash flow is limited. Some businesses will choose to put off plans to build a new product indefinitely because they simply can’t afford to put in the investment required to get the project going. Fortunately, there is another way. That way is called the minimum viable product (MVP) method, and it could make a huge difference for your company – both in terms of savings and in terms of helping you develop a better app.
What is a Minimum Viable Product (MVP)?
An MVP is essentially a product design that involves only developing the features that are necessary to make the product work. This is different than a prototype, because a prototype is meant to be a fully developed example of the end product, whereas an MVP is a much more simplified version of what the product will eventually look like.
How an MVP Can Help Your Business Save Money
The immediate advantage of using the MVP strategy is that it saves your business money. An MVP requires much less investment than a prototype. By developing an MVP with the minimum functionality required, you save money by avoiding costs associated with developing a whole range of features, many of which will eventually have to be changed anyway. Rather than spending more money in order to develop a top-of-the-line prototype app, you can save up throughout the visioning and early development process in order to make a bigger investment in the final product.
How an MVP Can Help You Build a Better App
From a developer’s point of view, creating an MVP means fewer lines of code than any other type of project. This translates into early savings in both time and money. This also allows you to get the testing and evaluation process underway as soon as possible. When you’re planning to build an app, the more feedback you get from the end user, the better the app will be.
Building an MVP allows you to start collecting feedback right away, rather than waiting for a fancy prototype to be finished. This can be beneficial as users can tell you which features they like or don’t like throughout the whole development process. It also allows you to collect more feedback, as users can now be involved in the development process from start to finish. Whether your users are consumers or employees, an MVP will help to get them involved and help you to build a better app that they will enjoy.
The ultimate guide for app development should always be the end user, and using the MVP method allows for more input from users themselves. In the end, this will lead to a better app, and at the same time, will help you to save money along the way.