Stop Dreaming and Get Started. A minimum viable product is the perfect way to launch a business idea and test the concept out in the real world, whilst retaining the ability to tweak and pivot the concept before investing in developing the final product.
What is a Minimum Viable Product?
A Minimum Viable Product or MVP is a basic version of a product that has sufficient features for an initial product launch to test the concept with an early audience, but is not the final product.
How a Minimum Viable Product can Benefit You
Creating Minimum Viable Products is a technique adopted by startups, successful business owners and serial entrepreneurs. Here’s some reasons why:
If you are introducing a brand new product or concept, then launching the idea in its simplest form will help you to confirm that there is a market for your product and the price point for it.
If you are able to offer free versions or prototypes of your MVP to potential customers, then can test drive the initial concept for you and offer valuable feedback and comments on functionality, user experience and crucially, whether they would actually buy it from you.
MVPs by their nature are cheap to create, or even free depending on the product. So if you are dreaming about starting a business but have limited cash resources to do so, break your idea down, pull out the essential features and create an MVP to launch and begin making sales with to create the cash you need to get your business fully off the ground.
90% of startups fail because they simply run out of the cash they need to keep going until the point where they start making sales and profit. By starting out with an MVP you save precious cash to keep going with while you grow your customer base.
Tweak Your Product
As perfect as you think your product is, until you take it to market you can never be totally sure it is exactly what the market is willing to buy. You may have overestimated what your customers are willing to pay (affecting your bottom line), you may have overlooked a key feature that your customers want or maybe even come to the realisation that your product is completely wrong and you have a better idea in mind. An MVP gives you the flexibility you need to make these decisions,
Complicated websites or platforms, for example take time to design and develop. During which time a competitor may come along with a similar idea and launch their product before you. An MVP is a quick way for your brand out into the market, get your business started and start building precious business relationships.