Why your custom software development project needs to start with an MVP
Whether it was during a meeting in your company, while looking for something online or reading your favorite company blog, that something clicked. You discovered a need in the market and a way to solve that need through a software solution. At that moment, you’ve taken your first step towards becoming an entrepreneur.
But this is just the first step. Launching and developing your own software product is a complex process and requires time, effort, and investment. Your future success depends on many factors such as product quality, a good business plan, scalability, monetization, and more. No wonder that a lot of start-ups fail.
That is why it’s important to have an MVP approach when it comes to developing your custom software solution, whether it’s a website, platform, app, or something else. In this article, we want to discuss some of the benefits behind it.
What is an MVP?
First, let’s start with the basics of what an MVP is for custom software development. MVP or Minimum Viable Product is a software solution with minimum functionality, usually one or two core features. In other words, just enough to satisfy your early customers’ needs and allow you to get valuable feedback. A lot of successful companies had this approach.
Why should you start with an MVP?
The sooner you get your software solution in front of customers, the faster you get feedback and make it better. Whether it’s through focus groups, surveys, comments, reviews, forums, or one-on-one interviews, you can find out a lot about whether your solution satisfies their needs and what you can do to improve it. It’s a great way to test your initial assumptions.
Besides, this quick launch also allows you to test your sales and marketing strategy and see which channels are suited for your solution and if the target audience you had in mind is the right one. This will help you tremendously down the line when you have a fully functioning solution.
Let’s face it. As a start-up founder, you probably don’t have access to a whole lot of capital. So, the MVP approach works best here because it reduces the costs associated with building your software solution. Since you are not creating a product with 15 features but one or two, the cost associated with development goes down. You need a smaller number of developers and a shorter period of time for development.
The initial launch can also show you that you don’t need all the functionalities you were thinking of or that new ones are needed, ones that never really crossed your mind. Whatever the case, this approach is easier to scale because, as you test current or new functionalities, the development team grows with your product.
Remember, it is easier to add functionalities to a software solution than to remove them down the line.
Getting investors early
The best way to get seed money for your business is to show that there is interest in the market or show that you already have a working solution. An MVP approach can help you achieve both these objectives. You can show potential investors how it works in a live session rather than just some images on a slide. And also, include positive customer feedback that you already have.
It’s not a guarantee of success, but it does increase your odds of getting the investment.
How QTeam Solutions can help you with your MVP?
A Minimum Viable Product can make the difference between a successful start-up or a failed one. We’ve worked with many companies to help them develop their MVP and then a fully-fledged software solution. And we can do the same for you without a lot of the hassle associated with custom software development. So if you want to start your custom software development project with an MVP we’re the perfect choice.
Book a free 60-minute consulting session with us, and let’s talk software.