By New Delhi — Bringing your vision to life is one of the best things that happen to you. However, when it comes to financial benefits, it is just like a cherry on the cake. Unfortunately, several people need help to bring their ideas to life due to mistakes they made. Statistics suggest that almost 42% of apps fail because the market does not require that app. It is a major issue that needs plenty of attention.
To prevent this type of scenario, it is great to go for developing MVP at first. Both unknown startups and mature companies develop MVPs to validate and test their new product ideas, which will help them get early feedback to develop a full-scale solution in the right direction. Although developing an MVP version of a SaaS product is common practice, it still hides many pitfalls that only some managers and developers know.
There are many questions around MVP development, but the one that is usually surrounded by many mysteries is what is SaaS development cost? If you have an app idea but are not going ahead with the development because you are unaware of the SaaS development cost, this article is really helpful for you. In this short guide, you will get everything from understanding the concept of MVP to the actual cost of developing MVP.
Cost to Develop MVP
Several came up with the idea that they could reach fruition and turn into digital product reality, and just a few get successful. Apart from knowing that the best approach to develop the product is using MVP, most can only move beyond the initial thoughts and end up doing something with the idea. However, the only thing that holds them back is the uncertainty about how much it would cost them to allow their idea to initially take off the ground.
A factor that helps you figure out the SaaS development cost is the developer’s choice. Roughly, the MVP development cost can range from $15,000 to $150,000, depending on different factors. Understanding every entailing factor in detail can help you to estimate the cost you need for your MVP software.
Remember that developing MVP is less expensive than developing the full product. However, not everyone can afford the same with their funds. Therefore you need to secure funding for it. Before making any decision, you need to understand the MVP cost clearly. Since the cost of developing MVP varies depending on several factors, prices will differ based on the developer you contact. However, the major factors affecting the price include the following:
Scope of the Project
The scope means a type of functionality you like to have in your MVP. The features you include in the product define how long it will take to design it. Additionally, it also tells about the resources that are essential for development. However, there are features that you need to add as the core value.
These features will make your product workable and bring value to your customers. Distinguishing the primary functions helps you to optimise the SaaS development cost. So, the key function is to help test your product’s focus idea and understand its market demand. Your MVP should not have fancy features because its major goal is to show the core value of your product. You must prioritise the factors to be included. The result of such prioritisation depends on the client’s business vision and the development partner’s expertise.
Size of the Development Team
The people you need to include in your MVP development team are the most important decision. Undeniably, it would help if you had the most experienced and full of skilled and talented professionals. It is also a fact that the more talented professionals you hire mean, the higher the MVP SaaS development cost. Additionally, outsourcing has a higher cost than the in-house team. The cost will go higher due to the number of designers, testers, and developers onboard the team.
Development Approach
One of the most important factors in finding the MVP cost is the development approaches of the company to build a SaaS MVP product. However, some companies get their MVPs to develop through their in-house teams. On the other hand, some get it outsourced to other companies. The SaaS development cost will vary on the development approach you choose. There are three major types of teams you choose from for developing MVP.
Freelance Developers
Generally, they charge less than specialised companies. It is suggested to depend on the freelancer who cherishes the quality of the work. You will get information regarding this through their portfolio and reviews from their clients. However, the SaaS development cost when you hire a freelancer depends on the freelancer’s hourly rate.
In-house Team
It depends on the company, and you manage it. It means you hire a team of experts to deliver your company’s projects. They are in-house developers, so you know their expertise and can instantly change your project as required.
Specialized MVP Development Company
When your MVP needs high confidentiality, it is best to hire a specialised company. Focusing on the service of MVP development, they have deep expertise in the specifics of the process. Moreover, they use the best development [practices to help you develop an MVP. Their experience is a main source of valuable information when you select an MVP development partner.
Cost of Designing
The design of every product needs to be attractive and classy to attract customers. So, companies need to hire a skilled design team to design each app screen professionally. Moreover, the design team also helps you with the right button positioning, smooth navigation, and other essential elements to provide a seamless user experience.
Technology Stack
The technology stack you choose also affects the MVP SaaS development cost. However, the development partner with great expertise chooses the technologies that need fewer resources. In this case, the technology stack helps you to develop a stable, lightweight, and secure solution. The developers also ensure that the solution works across browsers and platforms. Remember that the technology stack is chosen for each particular case of MVP development so that a development partner can estimate the total cost of MVP development.
Complexity of Features
It is essential to determine the complexity of features needed to develop MVP. If the MVP features and functionality are complex, there would be less or no chance of a fast and smooth MVP development process. Ensure you focus on the major functionality and apply those features that an MVP can’t survive. You also don’t need to apply extra functionality when it is a startup development process.
Conclusion
Whether you are a startup, Product Company, or SaaS enterprise, developing MVP helps you test your idea to the finest. Moreover, it helps develop a top-notch product or an app without investing additional time and money. Remember, the more complex your features, the deeper you go into the product development, and the higher your MVP SaaS development cost. So, the MVP development cost depends on the product roadmap, development approach, use cases, product strategy, and many more.
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