How to Build an MVP in 2023: All You Need to Know

How to build an MVP in 2023? When it comes to the journey of building an MVP, we often hear about cool startups that made it to attract users, investors and funds. I doubt, however, that most of us realize the scope of work that led to this prosperity and fame. It seems like a journey full of inspiring talks and admiration of your ground-breaking idea.

The truth is, for one successful startup there are 99 which fail. Well-known failure reasons include poor market research, incorrect financial management, and the wrong team set, to name but a few. But I assume the original cause is this fleur of success around the word “startup” combined with the lack of understanding of the work behind the scenes.

In this article, we’ll talk about the work that should be done to successfully reach the first vital milestone — MVP development. We’ll cover everything you need to know about how to build an MVP.

What is a Minimum Viable Product?

Minimum Viable Product (or MVP) — is the concept that assumes that software product development should begin with its core version with a minimum set of functions to fulfill the most substantial customer needs. 

When you’re thinking about how to build an MVP, it’s essential to understand that the fundamental principle of MVP development is its simplicity.  While building an MVP, we incorporate a minimal set of the most important functionalities, that allows developers to bring a product to market quickly, test its viability, and gather valuable feedback. This strategy enables companies to use resources better, leading to a streamlined time-to-market. It allows them to test their ideas and concepts without overcommitting resources at an early stage.

After the first stage which is MVP development and release, comes the series of iterations based on the profound product performance analysis. The MVP should be tested on the real market to see the level of demand for the whole software product or specific functions. Further, product upgrades and new releases happen iteratively.

Examples of minimum viable products

Numerous successful companies initiated their journey with MVP development. 

For instance, let’s look at Airbnb's case. They created a simple site, airbedandbreakfast.com, bought three air mattresses, and arranged them in their loft. The first landing page initially operated without a payment system, requiring guests to exchange money with hosts in person. This challenge didn't deter them. Instead, it illustrated the importance of addressing user concerns in subsequent iterations. This underscores the crucial role of user feedback and iterative processes in successful on-demand app development.

Of course, we can’t speak about MVP success stories and not mention Facebook — an online social media and social networking service. Starting as a website's membership initially limited to Harvard students, it was expanded to other colleges in the Boston area, the Ivy League, and gradually universities across the United States and Canada. This gradual growth extended to corporations, ultimately opening up to a broader audience by September 2006, including anyone with a valid email address and meeting the age requirement of 13 or older.

Why should you build an MVP

Creating an MVP is a key step for product development success, as many founders don't even reach the point where users can try and test their product. This is a common situation.

Entrepreneurs who embark on MVP development set themselves apart by showcasing their idea's viability in the market.  Building an MVP allows you to start with a solid foundation and refine products based on user feedback and real-world testing, significantly improving the odds of achieving a return on investment—an opportunity that most ventures strive for. So, getting through the MVP development process is really important. 

Benefits of building an MVP

The concept of MVP software development has become a buzzword for a reason. It helps to avoid common mistakes, check your hypothesis's potential and discover your target audience and markets, and more. Let us walk you through the most important pros of MVP approach to product development.

1. MVP development requires less time and money than a complete app

The most obvious advantage of the concept of MVP development is that you’ll spend less time and money to get your app to the market. While the first version will have less features, you cut down on the resources needed to build it.

For example, you are looking to launch an on-demand service app. To create the whole ecosystem with apps for drivers and customers, backend and an admin dashboard you will spend at least six months and about a $300K budget. On the other hand, if you choose to build an MVP, within one to three months and around $25K you will get the application with minimum viable functionality to onboard first users.

2. Risk minimization

As a consequence of the previous benefits, MVP development services can save your startup or business from unwanted problems. It will help you to realize your app idea and understand its real market potential without high financial and business risks.

The example mentioned above shows that if your app idea ends up being unclaimed, you can save up to five months and around $275K if you develop an MVP first. It is a high-level example, however it shows vividly what risks an MVP development can help you to avoid.

3. You can start getting revenue during the MVP app development

As the MVP development means that your app should be viable and already fulfill users’ needs, you can start monetizing it and get profit from day one. Of course, it can be challenging and the monetization model should be relevant and well thought out, but it is certainly possible. If made right, you can reinvest profit for further upgrades and functional addition. This way, you become less dependent on investors.

4. Easier to raise investments

Investors want to see proof that your app idea is in demand and you have the business plan worth investing in. There is no better way to show this by live product and real data, in case it is a decent idea. 🙂

So, developing an MVP gives you these proofs leading to the investors’ trust and higher possibilities to raise investments.

5. Test your app idea on the real audience

MVP development will help you to see the real demand level and receive feedback from real users which is extremely valuable to create a successful app. Once you released your MVP and started gathering information, further updates and improvements will be made based on the real-world data and not your hypothesis.

How to build an MVP: development process step-by-step [checklist by SolveIt]

As it was mentioned above, MVP is the first step of a product development. However, MVP development itself includes consistent stages and milestones. Below we describe how to build an MVP and the stages of the MVP development process. By following this step-by-step process, you'll not only learn how to build an MVP effectively but also increase your chances of creating a successful product that solves a real problem for your customers.

1. Discovery phase

The discovery phase is extremely important when considering how to build an MVP, as it helps not to run out of money during app development, eliminate potential risks and find the product-market fit.

If you think that you can skip the first stage and hire a development partner to start from here to save money or speed up the development process - you can’t. Simply put, any professional agency will start every project with the discovery stage. Another question is how well and deep it will be performed.

First of all, in SolveIt we explore the client’s idea. At this stage, it’s important to understand what problems the product will solve, and what value should be given to it to obtain greater success.

Research and analysis.

MVP app development should be targeted to a specific audience. Reducing user coverage will help to more accurately collect statistics. Proper research and analysis are essential when building a successful MVP. Our discovery team conducts a detailed market analysis and identifies several portraits of target users.

Plan.

Analysis of the audience and a correct understanding of the hypothesis helps to clearly determine the required MVP features. So, at this stage we carefully select the proper functionality for the future MVP development.

After completing this stage you are ready to initiate your MVP development process with a clear understanding of its functionality, financial and time investments 🥳

The most appealing benefit of a thoroughly performed discovery phase is that you are armed with enough data and proof to raise the first investments. Thus, you start building your solution backed up with confidence and money that won’t exhaust once you release the product.

2. MVP Design and development

Start product development with building a prototype to check if users can seamlessly interact with your future app.

Once you have a ready prototype, create task scenarios and find testing participants. It can be from three to five people for each customer persona. Note that you should better exclude specialists so that you can estimate real user experience. You can also use various testing methods like A/B testing, eye tracking or in-depth interviews.

After user testing, you are ready to create your MVP design and start development. To save time and money, we recommend not implementing complex design solutions and graphics. Focus on making your app easy to adapt and intuitive at first hand.

3. Release and promotion

Now, your MVP app is ready for launch 🚀

It is recommended to follow a soft launch approach. It means releasing the MVP to a limited part of the target audience to reduce risks connected with product release. While your early adopters are coming on board, you should keep an eye on the following aspects:

Regarding marketing, you should find the approach that is relevant to your specific audience. For startups marketing mix often include targeted ads, collaboration with influencers, social media and community building, media and PR, and participation in events as a sponsor or pitching your app. Your big goal here is to create a buzz around your brand and product.

4. Tracking

Recall that MVP is created to test the hypothesis and usefulness of your product. Thus, the process of building an MVP doesn’t stop at one option but goes through all the stages. After a detailed analysis of the results, the product is launched again for another hypothesis or feature.

5. Further iterations and continuous support

If your MVP performs well or even better than you expected - congrats, it’s high time to get back to the development. This process repeats until the whole product becomes a complete software solution. This is what happens after “happily ever after” and it deserves another extended guide…

We highly recommend such an approach, because it will help you save your time and money.

How to build an MVP: SolveIt case

At SolveIt, we follow a similar approach to building an MVP. We begin by understanding the problem our client wants to solve and build an MVP to test its feasibility.

For example, it took our team 3 months to launch the first version of a job search app built on Flutter. This MVP included all the must-have features to successfully fulfill the main user needs: intuitive job search and the ability to apply to vacancies.

Challenge:

JobJob.md, a leading job search platform, wanted to modernize their outdated app to meet evolving user expectations. They needed a user-friendly, scalable solution that seamlessly integrated with their backend systems.

Approach:

SolveIt embarked on a 3-month journey to create an intuitive cross-platform app using Flutter. Our development team focused on enhancing user experience, incorporating a fresh and modern look, streamlined navigation, and a customizable dark mode.

Key Improvements:

• Intuitive Job Search: Users could search by job title, keyword, and category, while advanced filters optimized their search results.
• Seamless Applications: Applying to jobs became effortless, with access to job details and company information in a few clicks.
• Enhanced User Interface: We prioritized smooth animations, typography, and styles, ensuring a modern and engaging aesthetic.

Results:

• 5,000+ app downloads within the first 2 weeks of launch.    
• App store rating of 4.8, showcasing exceptional user satisfaction. 
• Top-ranking free Business app on the App Store, solidifying the app's market dominance.

Our Success Story:

SolveIt's collaboration with JobJob.md showcases the power of a well-crafted MVP. By combining user-centric design, efficient technology, and rapid development, we helped to transform an outdated app into a market leader.

It was an essential step, as refining an MVP is significantly more cost-effective and streamlined than making changes to the final released version. Don't miss the chance to bring your vision to life with our cutting-edge MVP development services. 

Let's collaborate to turn your ideas into impactful realities!

How much does it cost to build an MVP?

From our experience, MVP development cost starts from around $25K.

It is quite difficult to say the precise cost because there is no one universal answer for that. The budget for MVP development will be influenced by many factors such as product and MVP complexity, quantity of features and integrations, development team location and expertise, technologies, and so on.

Contact SolveIt and we’ll provide you with a ballpark estimate on your MVP development cost.

How long does it take to build an MVP?

In general, MVP development lasts from 2 to 6 months including the discovery phase. The time-to-market strongly depends on the development approach, team expertise and complexity of the product.

Here's a breakdown of key elements that shape the duration of the MVP development process:
thorough discovery phase. It lays the foundation for the development journey, identifying functionalities and challenges.

The chosen development approach. Agile or traditional methodologies, can either expedite or extend the timeline.
Development team expertise. It impacts decision-making, problem-solving, and adaptation to emerging trends.
Project complexity. It includes features, integrations, and user interactions that significantly contribute to the development duration.

Understanding how to build an MVP efficiently is crucial to meeting your project timeline, and a well-executed discovery phase plays a pivotal role in achieving that goal.

How to build an MVP: mistakes to avoid

Let’s discuss the reasons why many startups are destined to fail even before beginning the MVP development. Look carefully at these mistakes and make sure you don’t fall into the same traps.

Invest everything to build and launch an MVP

One of the most frequent and undermining mistakes in building an MVP is allocating more than 80% of the whole budget into MVP development.

It happens due to the absence of a business approach, foreseeing the future, and lack of long-term planning. MVP app development is just the start of your product journey which should be followed by marketing, promotion, support, maintenance and further app development.

Absence of analysis and planning

Skipping the phase of idea discovery often results in an underestimated amount of investments and high risks. Moreover, the budget becomes used up during MVP development due to multiple tweaks in functionality and requirements.

Not thinking about monetization

Any startup is a business, and any business has the same goal – to generate revenue. So, if your business model doesn’t make money – it is useless.

How to build an MVP: what else do you need to know

Develop a scalable MVP.

No-code or custom: what to choose for MVP development?

Despite the popularity of no-code and low-code development approaches, at SolveIt, we are adherents of custom software development while we prioritize quality. However, as discussed above, it might be an option for those who have a shortage in budget, expertise or are not sure 100% that the product will be successful and profitable. Plus, you are likely to face limitations with no code compared to engineering teams in the long run.

P.S. Keep calm

Be pragmatic and a bit pessimistic about your ideas and potential investments. Focus on data, process and users. Summing up, a successful product is always the combination of a thorough analysis, product planning, profound technology expertise and putting users first.

How to build an MVP: FAQ

What does build an MVP mean? 

Building an MVP involves creating a fundamental and functional product version that includes only the essential features required to showcase its value proposition. The primary goal of an MVP is to accelerate the time to market, attract initial users or early adopters, and validate the product's market fit.

How much does it cost to build an MVP?

MVP's cost can vary but generally starts at around $25,000. Different projects have different scopes, so focusing on specific features and stages helps assess costs accurately. Overall, while evaluating MVP development cost, consider product complexity and uniqueness, scope of features and integrations, development team location and expertise, and contract type.

How long does it typically take to build an MVP?

The typical duration to build an MVP is in the range of 2 to 6 months, which includes the discovery phase. The exact time-to-market varies based on factors such as the development approach chosen, team expertise, and product complexity. 

What is the first step to building an MVP?

Building an MVP begins with the discovery phase. This phase is essential for avoiding budget issues, managing risks, and finding the right product-market fit. Skipping this step might be counterproductive and can lead to product failure. Reputable MVP development companies such as SolveIt usually prioritize a thorough discovery phase to lay a solid foundation for the MVP development process.

Should I build an MVP?

Building an MVP is a smart choice. It lets you launch your product early, gather user feedback, and save time and money. By focusing on essential features and validating your idea, an MVP ensures a cost-effective and efficient development process.

What makes a good MVP?

An effective MVP is compact, quick to launch, and cost-effective. A good MVP engages early users and validates the product idea efficiently. It involves identifying value, validating assumptions, and continuously improving based on user feedback.