An entrepreneur with over 16 years of IT experiences in building websites, web applications, and mobile apps for top-tier companies as well as startups. I have worked for Fortune top 500 companies. I've successfully helped over 250 entrepreneurs, startups, and businesses. My expertise is in creating the online marketplace, learning management system (LMS), SaaS, directory, eCommerce store, booking portal, or any other application. I can help you with the conceptualization of your idea into a working Minimum Viable Product.
You will be surprised to search out that, in fact, an MVP isn’t just unnecessary, it may also be hindering some when pitching investors.
First off, let’s see what the core difference is between pitching with an MVP, and without it, in terms of the expectations it sets for investors, and what it means for you.
When approaching investors, you ought to bear in mind that there are several risks they consider:
Team risk: Is your team competent enough to create and run the business?
Market risk: is that the market large enough or growing fast enough to be considered promising?
Timing risk: Is it the correct time to enter the market?
But there’s an excellent more important issue – product risk: are you able to convert your business idea into a product vision?
This includes the product’s ability to come up with revenue, to resonate with a particular audience, and its usability and value.
For you, there are two ways to eliminate product risk:
Sell the business idea and merchandise vision – demonstrate that you simply know exactly what you wish, a way to build it and the way it's visiting generates revenue.
Sell the results – demonstrate that your product works and is ready to get revenue.
Top 6 Mobile App Development Technologies
4. React Native
There are also so many no-code app development platform is available now
If you want still to develop an app here some hard code app development languages you can consider.
Developed by Google, Flutter is an open-source mobile app development SDK (software development kit) that facilitates developers to create cross-platform applications. Yes, you read that right. By using Flutter, you can make an application that runs smoothly on both the Android and iOS platforms. Technology is highly demanded because people these days are preferring cross-platform applications over native applications that run only on a single platform.
The technology uses Dart as the programming language to build native interfaces. It also relieves developers to write the entire code from scratch to develop a single app for two platforms. Google Ads, Xianyu by Alibaba, and Reflectly are the three popular mobile apps developed using Flutter.
Developed by Facebook, React Native is an open-source framework used to develop cross-platform applications for iOS, Android, Web, and UWP. The apps developed using React Native have native-like capabilities and can run on multiple platforms.
Do it yourself. Because it’s an MVP.
You don’t know whether it’ll have a product/market fit. You might bear ten iterations - possibly complete pivots.
That means your one outsourced MVP will be converted into ten custom jobs. Can you really afford that?
Probably not. Most MVPs don’t develop into anything awesome. Instead, they have months and infrequently years of fine-tuning. Because MVPs aren’t great alone.
They’re great after you get market feedback. They’re great when it causes you to a profit. Otherwise, they’ll never be converted into a corporation and just remain an MVP.
On the flip side, Some think you'll be able to get an MVP, then use it to boost money. Don’t try this. Raise money once you don’t need it. When the foundations are so in your favor, you can’t say no.
Use it to scale what’s working. Otherwise, you’re fiddling with fool’s gold. You feel rich but at the top of the day - You land up broke. Because you don’t know where or a way to spend it. So the next time you’re considering outsourcing your MVP - Do it yourself. That’s what real founders do.
You strategize a thought of action for your app to form it onto the app scene.
You must also note that you simply can’t just create an app out of nothingness. It takes time, money, and resources to rework a concept into a living, breathing application utilized by people throughout the state or maybe the planet.
When you have an honest app idea but aren’t sure the way to move forward, here is what's suggested:
Step 1: Do Your Research
When developing your app, treat it as you would if it were a significant business project. It’s perfectly fine to induce excitement and dependent on your concept, but remember that the mobile app business is extremely competitive.
There may even be 100 people out there actively trying to develop an app with the identical exact concept as yours. the sole difference between succeeding and failing in your app creation endeavors is that the plan that you simply formulate.
When conducting your marketing research, ask yourself the proper questions:
What reasonably app do I would like to create?
How will my app benefit the user?
Who is my target audience? Are they men or women? Are they adults or children? What devices do they use, and the way often?
Are there similar apps out there? If so, how many? How big/successful are they? In what app stores are they present?
How will my app differ from competitors? What features will my app include that other apps don’t?
What are the pros and cons of my app idea?
How am I able to make money off my app? Do I show ads? Do I offer in-app purchases? Do I sell data to third parties?
These are just some of the first questions required to seek out the answers to if you wish to develop your app.
Step 2: Create An App Monetization Strategy
Based on your findings during the research phase, take the time to craft a meaningful business concept/app monetization strategy.
It’s crucial that you simply write this stuff down rather than just keeping all of them in your head. Staying organized during this phase is crucial to how you perform your plan.
Also, when writing down your ideas for a way to monetize your app, you will find that you’ve stumbled across new useful ideas that would become another propulsion behind getting your app created and distributed.
The chances are that you’re developing a mobile application from one or two starting points:
You wish to make a mobile application as an embarkment of your new company.
You have an existing business, and you would like to develop a mobile app that orchestrates alongside your company website.
Step 3: Find Investors/Business Partners
Let’s face it.
Unless you have already got numerous dollars at your disposal, you’ll never be able to create an app on your own. You require investment capital to induce your app off the bottom and downloaded it onto various potential users’ phones.
The most successful app creators didn’t get to where they're now on their own. they'd investors and partners. If you’re on the explore for a high-quality business partner, consider choosing one who has similar goals but has qualities you lack.
Step 4: Hire An Application Development A-Team
When developing your new app, it’s essential to possess the correct team behind you. Unless you’re a master programmer or app developer, you would like to rent out.
The best reasonably facilitate your can find is thru professional software development companies. they need the resources that you simply must develop your app quickly, efficiently, and affordably.
Understandably, you’d be very hesitant or cautious about who you select to develop your application.
Step 5: Harvest the facility Of An MVP
There has never been an app that was released with all of its final features in application development history. Even market leaders and tech powerhouses, like Microsoft and Google, release and edit apps incrementally, pivoting consistent with feedback.
Let go of the dream of bringing an ideal product to plug immediately, and identify some must-have features to essentially nail down. We always advise you to start with a Minimal Viable Product (MVP) to pilot your proof of concept for extra investors.
An MVP is that the younger brother to your finalized concept.
It’s a loosely designed product with merely enough functionality to entice early adopters or convince a bunch of partners to funnel more cash into your project.
Have your development team build a viable solution and aggregate the feedback. Learn where the holes within the design are and fix them.
Harvesting an MVP’s power could mean the difference between gaining enough funding to develop your project to its fullest potential or becoming another statistic as someone who “attempted” to form an app but failed.
Step 6: Publish Your App
Once you’ve perfected your application and are able to launch, you need to first give some thought to how you would like to create the globe know that your new app is prepared for download.
You should immediately be ready to mentally write off you investment the day after you create it. In your brain, burn the cash. Be comfortable with it. If this causes you to feel queasy than don't do startup investments or, at least, don't do another one if you're already committed to the current one.
If you are doing not know eventually five startup founders that you just would invest in without delay than you doing the incorrect thing in life and will reconsider. it's highly unlikely to travel well for you. Put your money in an open-end fund instead and return to financial activities that you simply are well prepared to to well at.
If you may persist and follow through, whatever dollar amount you have got in your head that you just want to speculate you ought to multiply by .10 and invest that much instead. Make this final investment amount constant and unwavering amongst all of your investments. Use this investment amount for the subsequent four investments you are doing too. Then, and only then, rethink the dollar amount. Remove subjectivity from your investment amount per deal.
yes, you should think about MVP, This model can save you money and increase your business. here are some insights which help you
(MVP) A minimum viable product is a specific type of product that has a satisfactory amount of features that should attract the consumers or people who have just started to use that. That also works for the product idea which is in the development cycle and yet has to be launched.
Especially when we talk about the software industry. The MVP technique helps the developers to collect feedback and use it to alter or add features to that product. The process of user interaction becomes one of the most important things for agile development under the umbrella of MVP.
Benefits of MVP
The main advantage of a minimum viable product is that you can get across your customers and knowing their interest is one of the most important things to bring success to your product.
When you as a developer start to find out about the customer’s interest and whether they would love your product or not then create the product according to them and it also helps eliminate the unnecessary items from the product. The minimum viable product can have certain reasons to exist;
The company wants to launch it in the market quickly
Checking the initial idea
Learning the response of target market and target audience
Analyzing Market Demands
MVP is as powerful as marketing, and it is indeed one of the best marketing strategies too. With the help of MVP products, we can figure out our potential target audience and users. We also check the demand of the market. And that is also a major purpose of the existence of MVP products.
One of the main benefits of MVP is testing the usability of the app. According to the statistics many people keep using the app if they like the interface, however; 21% of people abandon the app on their first use. And experts suggest it is the user interface that they did not quite like. And MVP offers a great opportunity to know what kind of UI/UX people are searching for.
Let us talk it further and get to know how you can develop an MVP product. And how would the developers know whether or not you have developed a Minimum Viable product which is working and now ready to set in the market? So let us discuss some strategies.
First of all the MVP product has to be aligned with the business goals. When you start to plan your MVP product, make sure it reflects the goals of your business. Thereafter you start to focus on developing features. From the beginning, you should map out the product features.
After working on your goals you can now work on the solution which you will be provided through your product, to do that you must make a strategy and to do that you need;
Proper market research
Analysis of your competitors
Determine the cost to implement it
Make a development and action plan
In sales, a lot of models is used which help the company grow but when you think about saas this specific model can help your business.
The island model of sales organization results in a more traditional, “sell-or-die” environment that folks typically go with sales reps. There’s actually little organizational structure that goes into it. You provide your team with some basic back-end services: some training, a spread of products they will sell, a commission structure, maybe an office and that’s it.
The assembly line
In this model, every sales rep is actually liable for each step of the sales process on their own. they need to come up with leads by themselves, qualify them, and shut them. Reps within this framework tend to be more aggressive.
They’ve got their elbows to go in fierce competition—not just with the larger market, but their own teams also. Each member of your sales team essentially becomes their own entrepreneur. The line drove the commercial Revolution and built Ford’s famous car. It essentially specialized the labor and sequentially arranged production processes for max efficiency. You can apply the mechanical system structure to your sales team. Your raw materials are essentially your prospective customers, who are cultivated and refined during the sales cycle.
The mechanical system typically breaks down a sales department by function into four different groups:
Lead generation team: to blame for developing leads, and gathering names, phone numbers, emails, and data.
Sales Development Representatives (SDRs):Also commonly named as Qualifiers/Prospectors. SDRs reach resolute prospects and qualify them by asking questions that concentrate on customer needs, and identify the decision-making process.
A pod works along similar lines to the production line model of sales, but instead creates focused tight-knit groups, or “pods” that are composed of team members that play different roles. A podular organization is customer-centric.
For example, a six-person sales pod would be composed of three SDRs, two AEs, and one Customer Success rep. rather than having large teams, you create little pods of specialised roles, and every pod is answerable for the whole journey of specific customers.
If you are thinking about starting an online business, then there are several roads you can take. E-commerce stores and online marketplaces are the most effective ways to achieve your goal. The choice between the two depends on your business’s state, needs and goals. If you know the difference between the two, then you will be able to figure out what to choose.
While developing the marketplace you’ve to consider the following:
Online marketplaces are large businesses that deal with different vendors who provide their catalogs and typically carry much more inventory than online stores. Usually, when an online store owner manages their own stock and inventory, they have to invest heavily in stock acquisition and management on starting the business (except for drop shipping models). But in the case of an online marketplace, the catalog offered is held by external vendors and thus, the investment in stock management is not a big deal (except for hybrid marketplaces).
As a result, the marketplace owners just need to make sure that their sellers are adhering to the quality regulations and guidelines.
When operating an online marketplace, there’s so much to consider like inventory management, site management, customer service, marketing, sales, social media, content, etc. But when you are running a marketplace, the main focus is simply to offer the best platform for the users, i.e., for the sellers and the customers they sell to.
With different merchants selling at a single platform, marketplaces tend to give an exciting shopping experience for customers as they find cheaper options and new alternatives. So, if a marketplace functions well then it can be a huge community of highly satisfied customers.
They offer more lean and scalable business models to the marketplace owners. Some of the world’s biggest marketplace owners like Uber, Airbnb, and Amazon are great examples for the same. As Tom Goodwin said, they don’t own what they sell but they are creating a platform for the sellers and consumers. While they have to sell a large number of products or services, the fact that the focus is on the platform and reaching more customers means that economies of scale are easier to achieve. So, when compared to other digital businesses, those who are new to the marketplace will be surprised by what they achieve with a relatively small team.
One thing that unites all the vendors on a marketplace is that there’s just a single checkout process. When customers shop on this platform, they don’t have to click away to different websites to complete the transaction. So when you buy from different sellers on a single platform at the same time, there won’t be any complication even though the merchants aren’t associated.
when we talk about entrepreneurship there are a lot of things you should consider, and those things are not that much hard but consistency is very hard to maintain. I have divided these into points.
1. Put your idea on paper.
I remember having the best idea in the world thing about it and buff that's gone now because someone calls me and I had to explain to him I don't do a party(being entrepreneurs party just wasting your time where you could have work on next big idea). when we talk about the paper method we can actually see how the business ideas will work out, add some extra information, and boom you know that idea will not work. yes, a lot of time this will happen but that the beauty of this your not wasting a single sec on not so good idea. you just have it and after analysis, you have realized it will not work.
2.Build A Global Product And Let The Markets Confirm
i remember when the signal came everyone in the world wanted to be part of it. but it was exclusive because one tweet, yes that has happened one of the entrepreneurs said when a product is globally accepted that when you realize you are successful. always test your product 1st when you enter the global market sometimes its important for you to realize where you lacking before stepping into the market
3.The team can make (or break) a deal
when you work in a team you realize sometimes people fail and sometimes people save a big chunk of money for the team. the team is sometimes like tug war you being leader standing in front of the market and team support you, there will be a time when team member will fail and let go rope but you will always have someone to support you and help you reach that one place everyone wants.
Depending on the type of marketplace site, GMV is not the same as gross revenue. Example for sites like eBay, it is a reflection of the total value of goods sold, but not the actual revenue the company makes, as a portion of those revenues is for the sellers of the goods.
I've successfully helped over hundreds of entrepreneurs, marketplace owners, and businesses, and I would be happy to help you. Please send me more information before scheduling a call - so I can give you maximum value for your money. Take a look at the great reviews I’ve received: https://clarity.fm/ripul.chhabra