Wanted to start a business or startup? Know about MVP before proceed.

What Is The Best Way To Calculate The Real Cost of MVP In Startups?

Here you can estimate the costing of your MVP development for your startup.

Folks,

Let us dive into one of the most trending topics of this decade, Startups. One of the essential things in a startup is a calculation of MVP in startups.

For those who don’t know what MVP is? MVP is a Minimum Viable Product. Let’s break the term.

Minimum: A product with minimum usage of resources.

Viable: A product can be in operation mode.

A minimum viable product is a product that has been made by using minimum resources and can be serviceable and operational. The main requirement of developing MVP is to gather feedback from customers and present a product in front of your investors. It is the upper version of the prototype. There are many MVP development companies, provide MVP development services for startups.

If you guys wanted to understand the needs and requirement of MVP, my blog would make you understand in-depth:

https://www.quora.com/Why-do-startups-need-to-begin-with-a-Minimum-Viable-Product/answer/Priyansh-Shah-70

To understand the calculation of MVP in startups, let’s take a hypothetical example of an e-commerce business, so we all can relate better.

Here are the necessary steps from visiting a site to delivering a product is given. Note that the cost of development and operations is different in each step.

Here we go…

1. Sign up to the site.
2. Find the product (Example: Shoes).
3. For whom do you want to buy? (Men, Women, or Kids)
4. Compare qualities and features.
5. Compare prices.
6. Make a purchase decision.
7. Add to cart.
8. Check offers and promo codes.
9. Checkout.
10. Payment.
11. Delivery.
12. Feedback.

So what is the minimum process which can fulfill the ultimate goal of purchasing a product? That product will be called MVP. Below are the steps that one should consider while developing MVP. This can be explained to your consumers and investors.

Anyone is planning to start an e-commerce business and wanted to develop MVP, this is the answer.

1. Sign up to the site.
2. Find the product (Example: Shoes).
3. Compare prices.
4. Add to cart.
5. Payment.
6. Delivery.

Here we can see the difference that developing MVP required less amount compare to developing (or operating) final product. This will minimize the risk of failure as well. This is just an example of an e-commerce business. The same concept can be applied in other industries too.

We can summarize this by saying that an MVP is an upper version of a prototype of a product that should be in operational condition. MVP is a time and cost-saving product for an entrepreneur as well as a businessman.

I hope the information provided here is helpful to all readers.