What is the Best Way to Build an MVP
Many entrepreneurs decide to build their Minimum Viable Product (MVP) with an agency.
What the hell is an agency?
- These are companies that specifically focus on helping businesses build their products.
Ok but what services do they offer? Agencies can offer a lot of different services, everything from branding to design to development. Companies of all sizes from startups to Fortune 500 companies use agencies.
Ok like who… Many of the most successful startups such as Casper, Glossier, Warby Parker, and Uber have all worked with agencies to build their initial product.
Why use an agency instead of hiring a developer? Well many entrepreneurs and companies decide to go with an agency over a freelance developer or brining a developer in house because agencies tend to specialize and be master at their particular focus. Agencies also offer you a team which is incredibly important when starting a business because you don’t want to rely on just one person to build your product. Agencies also tend to be really good at what they do because that’s their sole focus to help other entrepreneurs or companies build their product.
I know it sounds great but what are the cost? Costs can range from $5,000 – $100,000+. The bigger agencies won’t take clients that won’t pay 6 figures or have venture funding. While some of the smaller ones charge much less and provide alternative arrangements like equity, It’s important to always talk to references and to see their actual portfolio. Seeing is better than hearing. We believe that a MVP should cost no more than $20,000 and if you are spending more then you are building something too big. Even if you have the funds, break it up and launch it with something smaller so you can get to market faster and get feedback. Save the money for product updates once you get feedback from customers.
Want to see what your product would cost? Use the Reliable Bits pricing page to see what your specific features would cost in development.
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