Can you imagine what life would be like without Amazon? Or Instagram? Or Twitter? I know I can’t! They are a part and parcel of our daily lives now. As are apps like Airbnb and Uber. Yet, there was a time when these were just obscure apps that very few people knew about. So what do you think is the secret behind their phenomenal success? Well, they all built MVP, duh!
Well, you’d be surprised to know that there is one thing that all these companies have in common. That is, they all started small-by launching the most basic version of their apps on the market. A minimum viable product (MVP), to be precise.
In fact, many well-known startups tested the waters (read: market) by building an MVP first. Here’s a list of some popular businesses that started with a minimum viable product.
So tell me! Do you have a business idea you would like to test? Get the tech assistance, funding, branding, and legal framework — all under one roof with TheCodeWork’s Startup ecosystem!
Now, let’s talk about the main topic of today’s article: the MVP approach and why every startup needs one! Hope you are excited about this because I sure am.
So let’s dive right in!
What is an MVP?
Before we launch into its many uses and benefits, let us first explore what an MVP is all about.
An MVP is just a product with a minimal set of core features of your idea. It aims to solve a specific user problem. In other words, it is like a cake without frosting. May not be pretty to look at, but it sure does the job! An MVP will enable you to spend as few resources as possible to engage your first customers and gather useful feedback. How cool is that?
Let’s be clear about one thing though: an MVP does not imply an unfinished or crude product constructed in a hurry. On the contrary, it is a very calculated step to effectively understand your target audience. By understanding your customers, you can then iterate your app to meet their needs and expectations.
Isn’t that pretty useful?
But simply building an MVP isn’t enough. It is also critical to select the appropriate platform for developing and testing the MVP.
Luckily, TheCodeWork team is here to help you with all your MVP-related queries.
Now that you know what MVP is, let’s dig deeper to understand the key advantages of MVP for startups.
Why your startup needs an MVP?
It is preferable to develop an MVP for your startup than not to. Why? Check out our list of reasons to create an MVP for your startup!
➡ Minimize the cost of development
Always remember: the more complex your product, the larger your investment needs to be. You will have to pay for each extra component. However, in order to create an MVP (which is still a product, just in its most basic form), you will require a minimal amount of resources.
Even if an MVP proves to be a failure, the cost of the error will be significantly reduced. Then you can use the resources you saved to try again or choose another business idea.
Sounds like a win-win, doesn’t it?
Are you anxious about app development costs? Let us help! TheCodeWork’s Startup Ecosystem will connect your ideas with potential investors so that your ideas get a VIP pass to success.
➡ Conserve your time
Imagine you spent months of sleepless nights developing your mobile app, but when you finally released it, nothing extraordinary happened. I am sure nobody wants to be in those shoes!
But it is how it is.
But here’s the silver lining: you will need very little time to create an MVP. If you reach out to us for the development, we can build an MVP within 1.5 months! Interested?
Also, you could use the remaining time for something more productive, and let your MVP do its job (i.e., gather user feedback).
So what would you prefer: spending months developing an app that may fail or spending the same time creating an app that is more suited and friendly to your customers?
➡ Try out new business concepts
The most notable benefit of creating an MVP is that it allows you to test your innovative business ideas. With the help of MVP, you can determine whether there is actually a market need for your product concept.
It’s like a trial run for your business idea. And, should you want it, you can also try out different business ideas at the same time! Because MVPs do not need as many resources as full-fledged products. You put your eggs in different baskets at once. Isn’t that convenient?
On the other hand, if you launch a fully-finished product, you might find it difficult to change anything later. Because then you would have to reconstruct the entire thing from scratch. Not very ideal, is it? In fact, one of the major reasons behind startup failure is the lack of market need.
Here have a look!
See what I mean? So reach out to us to plan your MVP and get going. Simple!
➡ Obtain feedback
Feedback is one of the major reasons why smart entrepreneurs recommend building an MVP for a startup. Wondering why? Check out this article by StartQuestion!
It goes without saying that you should understand your customers’ perspectives on your product. With the help of such feedback, you can determine which features are most desired and expected, and which are undesirable.
The best way to determine how well your app performs is to take feedback directly from users. So use this information to your advantage.
Keep in mind that your business idea should solve a specific user’s problem.
➡ Get your first paying clients
Early users are another reason to build a minimum viable product for a startup. What does this imply for you?
Firstly, you will draw in potential clients and people who are interested in your product. They will then be able to tell their peers about your app. So, by the time your startup is fully established, you will likely already have some fans. Doesn’t that sound amazing?
Secondly, early user feedback will assist you in shaping and directing your business development process. I know, I know, I’ve already talked a lot about feedback in this article. But that’s because of how important it is for your startup! So don’t overlook it.
And last but not the least, you will be able to obtain your first paying customers. Let me emphasize this once more: paying customers! Of course, we’re not talking about huge profits. But it’ll be a start, which is great, isn’t it?
Do you want to attract more customers to your budding startup? Get your company branding game on point with the help of TheCodeWork’s Startup Ecosystem! Here, you will get answers to all your branding and marketing queries under one roof!
So what are you waiting for? Book a free consultation now!
➡ Draw in investors
If we compare a new and unique idea to the heart of every startup, then the money is the blood that keeps this heart beating. If you have a couple of million dollars and can do whatever you want, consider yourself fortunate. Otherwise, look for someone who is willing to invest money in your idea.
However, when you only have an idea in your head, it may not sound very promising to investors. One of the advantages of developing an MVP for a startup is that you will have something more serious and focused than just your thoughts and words. It significantly improves your chances of being noticed and heard.
And if you are looking for investors for your business, look no further! TheCodeWork’s Startup Ecosystem is here to end your search for good! Allow us to hook you up with our investor group partners and get ready to turn your dream into a reality!
➡ Make a viable monetization plan
Every startup aspires to create a product that is profitable. I’m sure you have the same goal in mind, besides being a problem solver of course! But really, the sheer number of monetization strategies out there is mind-boggling.
And it can be quite difficult to choose the best one for your startup. In this scenario, the best approach for your startup is to test a monetization strategy with a minimum viable product.
For example, if you develop an app monetization strategy for in-app transactions, you can employ an MVP to test these strategies and gauge user feedback. This will tell you whether this approach is yielding results or if you should pursue other methods of monetizing the application.
Sounds good, right?
➡ Get maximum return for your efforts
Finally, enough has been said about the benefits and costs of MVP development, but what you also save is your labor and efforts.
An MVP is a simple but critical step that will assist you in wisely planning your startup and scaling your business. So why not take the simplest route?
Especially since TheCodeWork is here to assist you in your journey! Put all your worries to rest and reach out to us for expert opinion, legal advice, financial guidance, and more!
In a nutshell
If you want to save your time, money, and labor, I strongly advise building a minimum viable product for your idea.
At TheCodeWork, we have created MVPs for a wide range of projects, apps, and web pages. We provide full consultations for the development of MVPs and any other startup-related issues.
Are you looking to create an MVP for your business? Or do you have any questions relating to your business? Be it funding worries or legal intricacies, feel free to book a free consultation with us!