56% of startups fail simply because they ignore product market fit or product validation before they skip the process of validating the market and directly proceed to develop a full-fledged product.
The challenge in creating a complete product is that it needs a significant investment of around $50,000 to $100,000. Additionally, it usually takes a few months or even a year to bring it to the market. During this time, your idea may lose its initial advantage of being the first, and its unique selling point may diminish as others may have already launched a similar idea faster than you.
The easiest way to validate the market fit at a lower cost and in a faster time is through MVP development for startups.
But what exactly is an MVP, and why is it so critical?
An MVP stands for Minimum Viable Product development. It’s the most basic version of your product that you can create while still solving the main problems or meeting the core needs of your target customers.
Think of it as a stripped-down version of your idea, focusing only on the essential features. The goal here is to go to market faster, get real feedback from real users and make iterations to the product to ensure product market fit.
So how should one get started?
Among startup founders, this stage poses a challenge for 67% of them, as they often prioritize rapid growth, market capture, or limited resources, they tend to overlook MVP development. But, understanding the value of MVP validation is important and many founders choose to skip this crucial step due to few complexities and lack of awareness. Our MVP development for startup checklist will help you get started with creating your first MVP and then planning a roadmap to ensure your startup’s success.
Essential Checklist To Prepare For MVP Development For Startups
Whether you are starting with just an idea, or you need to get the MVP developed based on your research, this detailed checklist will ensure that you do not miss out on any crucial step.
The Pre-MVP Development Checklist:
- Clearly identify the problem or pain point your product solves
- Describe the impact of solving this problem on your target audience
- Conduct comprehensive industry research
- Identify and analyze competitors in the market
- Explore market dynamics, trends, and existing solutions
- Define target audience demographics (age, gender, location, income)
- Understand audience behaviors, preferences, and pain points
- Tailor your MVP to meet the specific needs of your target audience
- Identify essential core features for your MVP
- Prioritize features based on importance
- Evaluate feasibility of implementing each feature
Development Team Selection Checklist:
- Research the right resources that can provide the technical support and expertise to develop the features you need.
- Ensure that you are able to communicate your ideas to them
- Get confirmation on the clarity and understanding of the team
- Check if they are as motivated and passionate about building the product as you are
- Ensure that the engagement is affordable for your startup
- Give higher priority to a team that is agile and adaptable to changing trends
- Verify the flexibility of their working schedule as per your preferences
- Check for the possibility of longer association to ensure the product development team remains the same
MVP Development Checklist:
- Create low-fidelity wireframes and interactive prototypes
- Check for the user journey & experience in the application
- Determine the essential features that align with the MVP’s purpose
- Incorporate any current technology updates if applicable
- Ensure proper testing of all features with the required stakeholders
- Conduct regular meetings with the team for updates and progress
- Ensure that you get all the required documentation for future reference
- Check if the MVP is ready for marketing and promotions before launching it in the market
Post MVP Launch & Iterations Checklist:
- Regularly monitor MVP performance
- Establish feedback channels and monitor metrics
- Analyze feedback and metrics for improvements
- Resolve problems that impact usability, functionality, or customer satisfaction
- Prioritize user feedback and identify issues
- Plan and execute iterative releases
- Plan for scalability as the user base grows
- Establish maintenance plans and address user-reported issues
- Stay updated with security patches and updates
- Consider options for raising investment for scaling the business
Start Your Journey to Becoming a Unicorn with the 2023 MVP Development Checklist!
An MVP development for startups allows them to clearly define the problem they aim to solve, the required functionalities, and the marketing strategy. By avoiding feature creep and delays, an MVP enables companies to create a streamlined, user-friendly product and launch it in the market quickly.
At Galaxy Weblinks, we have a proven track record of delivering customized services that meet our clients’ specific needs and target audience. Our experienced development team is here to help in building an MVP for startups. With over 100 startups utilizing our services, our MVP development for startup checklist has been proven to ensure a smooth and effective MVP development process.
Begin your journey towards your MVP by taking the first step. We specialize in building an MVP for startups and bringing their product ideas to life through the creation of impactful expertise.