Roadmap to Building an MVP as a Business Professional

Amanda Tuominen

11/25/2024

Group photo of a diverse team standing in a classroom setting, with a presentation slide in the background displaying the 'Noaur' logo and website. The slide features two individuals' portraits side by side. Tables in the foreground are scattered with papers, cups, and office supplies.

When your company needs a software solution, you may find yourself navigating uncharted territory. What should you consider when building a software application, and how can you ensure your investment aligns with your business goals?

Step 1: Define Your Approach

The first decision to make is whether to recruit a software developer or outsource the project to an external service provider.

Recruiting a Developer:

  • If the software is central to your business and requires continuous development, hiring an in-house developer might be the way to go. This approach gives you daily access to someone who understands your business and can adapt the application as your needs evolve.

Outsourcing Development:

  • If the software is just one component of your broader offering or if you need to quickly validate your idea with a Minimum Viable Product (MVP) before committing to a full development team, outsourcing is often the best choice. This approach:
    • Allows you to build a quick MVP faster without long-term commitments.
    • Gives you access to professional full-stack developers who can handle everything from design to technical coding.
    • Avoids heavy upfront investment, allowing you to test the waters before scaling.

Step 2: Focus on the MVP

In the startup world, the MVP is key. This simplified version of your application includes only the essential features, making it ideal for:

  • Attracting investors with a working prototype.
  • Testing and improving your product or service based on real user feedback.
  • Bootstrapping startups looking to validate their ideas without overextending resources.

Step 3: Consider Financing Options

Building an MVP requires financial planning. Common approaches include:

  • Revenue Streams: Allocating existing business income to fund the project.
  • Grants or Investor Money: Seeking external funding for scalability and growth.
  • Savings or Bootstrapping: Using personal or business savings to keep control over the project.
  • Equity Partnerships: Partnering with developers or investors who take a stake in the business in exchange for their expertise or funding.

Ready to Take the First Step?

If you’re uncertain about how to proceed, book a session with Noaur. We specialize in helping founders and business professionals navigate the MVP process, from refining your concept to aligning your solution with your goals. Let’s bring your vision to life, one step at a time.

P.S. If you'd like to have us host a workshop session at your organization about building an MVP - reach out to amanda@noaur.group

*Photo from MVP building session from The Shortcut.