- Welcome to The Journey.
Today we'll be showing you how
to build a minimum viable product.
- MVP.
- So money makes the world go round.
You know it's really important for an entrepreneur,
small business owner is to keep track of your revenue.
So you want to make sure that you have one
of these MVPs because it can help you with your finances.
- Today we're gonna talk about what an MVP is,
why it's useful for small businesses,
and how exactly to develop a minimum viable product.
- So an MVP is an information gathering low-cost project
to net your income.
So in the beginning of your business,
you may not have a lot of resources, capital.
MVP's are the greatest way to actually get
to your final product.
- So even though we're not talking
about Most Valuable Player MVP,
a minimum viable product can definitely
still be your business's MVP.
That's because it's a really great way,
a bare bones method, to really get your product
out in the quickest way possible.
That way, you don't waste a bunch of time and resources.
- The ultimate goal is to make sure your product is viable.
You want to make sure that people are going to buy it
so this what the MVP is all about
and here's a few things that you want to keep in mind
when we're talking about the MVP.
So your MVP is gonna be light on features
and is boiled down to the most essentially needed things
to make that product viable.
- The second thing is there's very little
to no charge for using this because what's important
here is that customer feedback, rather than revenue.
- And it often serves as a precursor to a bigger,
more developed idea that may or may not be related.
In fact, the sky's the limit when it comes
to developing an MVP because of all the benefits
that you can get from it.
- So here are some examples of minimum viable products.
So first, starting with product designs.
So this would be like sketches right.
So think about whenever you are about
to paint a picture if you were
to actually sketch it out first.
So this is a really bare bones layout
of your website or your project
so that way it's really easy to present to investors
or possibly apply for crowd funding.
- The next type of product design is wireframe.
Think of it as a draft of your web or mobile product.
It could be, for instance, say you're a contractor.
The architect is gonna give you some blueprints
to know what to build.
That's gonna be something similar to a wireframe.
- And building off of wireframes, you can do a mockup.
So this is actually a workable sample of the final product.
- And those mockups are good for demonstrations,
evaluations, promotions, or if you want
to raise funds for your product.
The next type of MVP are demo videos.
One of the most famous videos
out there is the Dropbox video.
Think about Dropbox.
I know I use it very often.
So Dropbox, they used a three-minute capture or video
to showcase what Dropbox was gonna be
before it was actually made public.
They used that demo video to get the funding
to become the big company that they are today.
- So those demo videos are really great ways
to actually conceptualize and show people
what they're gonna get with their product
and how they're actually gonna use it.
- And it allows you to do this
without spending a large chunk of cash
in order to get your video in front
of that necessary investor.
- So rather than spending thousands of dollars
on this product, actually create a great video
to show off to those investors so that you can tell
if it's working and connecting well
before spending that money.
- The next type is landing page.
It's a single webpage, optimized for keywords
that allows people to know what your product is going to be.
- So these standing pages are typically used
for marketing purposes.
So imagine if you're a restaurant who's about to open,
right, you want to get that excitement going
so you have that landing that says coming soon
and maybe encourage people to sign up
for e-mail notifications.
That's one way of really getting the idea
and excitement out there.
- Exactly, and it's easier to get investors
when you already know you have a lot of people
already interested in you.
Think about it that way.
You can go to the investor and say,
"Hey a thousand people have already said
"that they are interested and
"when we have this product ready to come to the market.
"You want to get on board with that don't you investor?"
On example of this is Buffer.
Buffer is that platform that you can
just manage your social media posts.
You can schedule them out.
Well, the founder, when they were getting ready
to actually have the product ready,
they had a landing page that had plans and pricing
and when you click on that, it took you to another page
that said, hey, we're not quite ready just yet.
Leave us your e-mail to let us,
so we can let you know when we're ready.
And that was a great way for them to,
as I said earlier, show investors that all
of these people are interested in our product.
- And that way, you'll only have to create
that one landing page rather than investing all this time
and money into creating your full-on website.
So here are some benefits
of developing a minimum viable product.
It's a lot different than that traditional method
where it required a lot of research
and development and cost.
- Now, there's plenty of businesses and industries
that shouldn't use an MVP, especially those
that will affect people's safety like the airline industry.
You wouldn't want them to have a minimum viable product
for a plane.
- Yeah, I would not be getting on that plane.
- Not at all.
However, there are many small business
that are using an MVP to get their fresh product
off the ground.
And small businesses are doing this
because you are able to, one, test theories
about your market quicker and cheaper.
- And since it is a bare bones project,
you're not wasting a lot of time and money.
- And you can potentially see a return
on your slim investment because your product is
already in the marketplace.
- Plus the results of your MVP testing are a
really great way to refine other products
and services that you offer.
- So in short, it's not about the short game.
You don't want to just put out a cheap product
or low-quality product to just get rich quick.
You're in it for the long haul.
- So basically, MVPs are a really great way
to get a product or a project off the ground
without overcommitting your time or overspending money.
- And because they're flexible, you can choose
from a lot of the different types of MVPs
like we've mentioned and it's all depending
on your budget or your needs.
- Well we hope you enjoyed this guide
on how to develop a minimum viable product, that MVP.
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This is The Journey.
Thanks for watching.
See you next time.