Having an innovative idea for a new app or product is great, but without action, ideas remain only ideas.
The journey from idea to minimum viable product (MVP) can seem confusing and daunting. New product development is a process. Your idea may not always become something tangible and profitable. The jump from concept to product involves a few steps before you even start building your MVP.
Here’s how to start the process and go from idea to product.
1. Know what your intention is.
When it comes to application development, you should know what’s motivating you to develop this new app or product. If you want to build something simply because you want to be a business owner, you have the wrong intentions.
- Do I want this to become a full-time job or just a side gig?
- Is this app adding an additional service to a pre-existing service or product?
- How much time do I want to spend on this, or is it only meant to be a passive stream of income?
2. Know your market
Another critical question to ask yourself: who is this app for?
When you think of your future customers, you’re already in the right mindset.
Do your market research to find out if your app is necessary or part of a clear trend. Is there a need for your product?
Knowing your customer and market early on will help influence the development of the product, the business plan, and the marketing and branding.
3. Develop a plan
Develop a new product development plan. Have a timeline you want to stick to and key metrics to measure your progress.
You’re going to need a business plan that outlines the stream of revenue from your app or product and the costs and market research you’ve done.
4. Find your team
Remember that business plan you created in step 3? Now is where that comes into play.
Surrounding yourself with the right people is an essential step in successful new product development. You’re going to be looking for help in three key areas:
Investors & Funding
Maybe you’re building an app to complement a business or service that you’re already receiving revenue from and will fund the application development of the new product. Fantastic!
If you’re in the market for investors, you’re going to need a clear action plan stating how much start-up capital you need to get your MVP into the marketplace. Be prepared to offer a percentage of profits to some investors and factor this into the plan and ask.
Alternatively, you could look into crowdfunding options or services such as Kickstarter. Your other option is a business loan or starting in the negative by using credit to fund your new app.
Cofounders & Mentors
We can’t be everything and play every role. As the creator behind the idea, you may find that you lack the hustler spirit necessary to secure funding. Look for cofounders that can help financially or with complementary skillsets.
Another excellent resource for application development is asking for help and advice from mentors who have developed successful apps or digital products before.
Now is when it’s time to start the fun stuff: actual MVP software development. This is when your idea starts to become tangible.
First, you have to decide on how you want to go about developing your product. There are many options out there. Picking the right software partner to help you build your MVP is crucial to turning your idea into a product. You could hire in-house developers, but this comes with a pretty high price tag.
There are many benefits to finding offshore and nearshore software developers with start-up experience. Outsourcing application development means you get an entire team of developers and strategists to act as both developers and mentors. These companies develop quality applications and products every day. They have a strong understanding of what works in the design and roll-out process, and they can pass this knowledge on to you.
At IntuitioLabs, our team of experienced developers and strategists work with clients to develop innovative applications that shake up the marketplace. If you’re ready to turn your idea into a reality and keep it out of the graveyard, set up a free chat with our team today.