At its core, an MVP is the simplest, most basic version of your product that can still solve a real problem for your users. The point? To learn as much as you can about your market, with the least effort and money.

What Should an MVP Include?

Alright, so what should you actually include in an MVP? Here’s the thing—an MVP is all about focus. You’re not trying to make a fully polished product. Instead, you’re creating something that solves your customers' main problem as simply as possible.

The Core Features

Your MVP should focus on just one or two core features that make your product unique and useful. The goal here is to deliver value to users, so think about what problem your product is solving and focus solely on that. For example, if it’s a food delivery app, make sure users can view restaurants and place an order. Everything else can come later.

Easy-to-Use Design

Even though it’s the most basic version of your product, the design shouldn’t be frustrating. It doesn’t have to be stunning, but it should be functional and easy to navigate. If your users can’t figure it out, they won’t stick around long enough to give you feedback. Clean, simple, and straightforward is the way to go.

A Way to Gather Feedback

The whole reason you’re launching an MVP is to learn from your users. That means you need to include ways to collect feedback—whether it’s through a survey, a feedback form, or built-in analytics. Make it easy for people to tell you what’s working and what isn’t.

How Much Should an MVP Cost?

Here’s the million-dollar question: How much does it cost to build an MVP? The answer is…it depends. It depends on what features you want, who’s building it, and how complicated it is. But to give you an idea, let’s break it down:

Scope and Complexity

The more features you add, the more expensive your MVP will be. A basic MVP might cost you anywhere from $10,000 to $30,000. But if you start adding in extra features, that cost could quickly jump to $50,000 or more. Keeping it lean is key to keeping it affordable.

Who’s Building It?

In-House Team: Building with an in-house team can get pricey, especially if you’re just starting out. You’re looking at salaries, benefits, and all that overhead. An in-house MVP might cost anywhere from $80,000 to $200,000.

• Freelancers: Freelancers are a more budget-friendly option. You can hire experienced developers for somewhere between $10,000 to $50,000.
• Agencies: A development agency will cost more than freelancers but offer a whole team of experts. The price typically ranges from $30,000 to $100,000, depending on where the agency is located.

Location Matters

Hiring developers from North America or Western Europe is going to be more expensive than hiring from Eastern Europe, Latin America, or South Asia. The quality can be just as high, but the rates are often lower.

How Long Will It Take?

The average MVP development timeline is 2 to 4 months. The longer the project, the higher the cost, so keeping your MVP lean will help keep your timeline (and your budget) under control.

Tips to Keep Costs Down

Focus on Core Features: Resist the urge to add "nice-to-have" features in your MVP. Stick to what’s absolutely necessary.

• No-Code or Low-Code Solutions: If you’re building something simple, consider using no-code or low-code platforms. It’s a great way to get a working product out there without needing a full development team.
• Outsource Wisely: Agencies or freelancers in lower-cost regions can save you a lot, but make sure they have a solid track record.
• Iterate After Launch: Don’t try to build the perfect MVP. Get it in front of users, collect feedback, and improve as you go. That’s what an MVP is all about—learning.

The Bottom Line: Learn Fast, Spend Smart

An MVP is a tool for learning. It’s not about building the best product right away; it’s about testing your idea, getting feedback from real users, and figuring out what to build next. Start with something simple that delivers value, keep it affordable, and listen to your users—that’s the secret to a successful MVP.

Remember, the goal is to minimize risk and maximize learning. So start small, learn quickly, and iterate your way to the product that people can’t live without.

Sources and References:

• Eric Ries’ "The Lean Startup" - This book is foundational for understanding the MVP concept and the lean methodology.
• Y Combinator’s Startup Library - They provide practical advice on MVP development and product iteration. You can find some insightful articles on their site Y Combinator Library.
• TechCrunch and Medium - Both platforms have numerous posts from successful entrepreneurs discussing the value and cost of MVPs.
• Product Hunt can show you examples of successful MVP launches and the features that were included in their first versions.