What Does MVP Means for Your Business and How Much It Costs
So the most important question when it comes still launching your MVP or Minimum Viable Product is that what it means in my business and how much it cost to build an MVP.
When it comes to startups and first-time founders this is one of the most important discussion points on what is my MVP should look like, what benefits it should provide, and how I can position my MVP, can I charge my customers or all my potential target market pay for something that is not perhaps fully developed.
In different businesses, MVP or minimum viable product means different things. First of all, what I always say to my fellow founders is to define the core of your business and understand what exactly is that you do and what's the messages and the requirements necessary to deliver to your target market. That's what exactly your business means for your target market. Probably the best question to ask yourself is if I want to build only one thing what that product will be and within that product, if I want to be the only one feature what that want feature will be. These are very strong questions that you can ask yourself the other thing that you can do which is a very strong strategy is just ask your target market customers. Ask them what exactly you want from me that I can do it back pay for it if it's a real pain.
When it comes to MVP or a minimum viable product, what you want to do as an entrepreneur with your product or service that we want to do the attract customers. We do not want to over-invest because everything that you got to build cost you money and time and resources from what we know, entrepreneurs have very limited resources and time and money, so it is very important to be very smart and strategic about your MVP. Basically what we need to do is who the stoned what is it your target market really pay money to be able to solve the problem. That's what you need to build. Simple and very strong. You do not need hundreds of hundreds of different features, we want to build something that lacks lots of things but shows we care about our customers and we have the expertise and basically, you are the best person to solve this problem for customers.
It doesn't really matter what type of entrepreneur you are, or if you have coding skills within your founding team. But eventually, to be able to build MVP, you have only 2 options one is to spend thousands of hours in coding and developing codes or spent thousands of dollars in money to pay somebody to write that code and application for you.
This means I'm not really suggesting that you're spent $10,000 to build your own MVP. I'm not suggesting that you'll pay even $1,000 to build MVP. My suggestion is you need to spend as little as possible the range of $100 or $200 to be able to build your MVP and go out in the market and talk to your customers and make your first sales.
What's the most important part when it comes to your startup venture what you need to do is as an entrepreneur is not just about coming up with ideas and building products, that's a very important part of it but making sales is very important as well. If you have the best product you're not making sales, basically you're doomed and you are you going nowhere. You're not moving the needle. Go out there you to be bold enough to the core functionality of and then you can basically talk about it in your social media in your marketing campaigns you can talk about your vision and connect that MVP to your vision and then make it clear for a customer's how you going to get to that vision and how you going to take all customers.
These in my mind you spend $100 on the MVP with the minimum effort you're on the right path to go out there talk to your customer's and the target market they're so your marketing campaigns starting your content strategy in starting to talk to influencers in your niche market as well to start making some noise and making your sells basically and with that in mind while you're increasing yourselves you can basically ring this that money into your product and come up with more so features and more finality is moving forward.