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What is a Minimum Viable Product (MVP)?

If you can do a basic business card and website quickly, then do so. Don’t over do it. Certainly don’t spend tens of thousands on websites, renting premises and buying big assets before good research and proving a Minimum Viable Product.

 

These days, there are so many ways to achieve things for free or at low cost, so make sure you’ve exhausted all these options before spending significant amounts of money. Cash is king.

 

Researching can be as simple as networking and testing your concepts. Have a notepad of some sort and actively seek specific answers to specific questions. Writing aids memory, if you’re digitally inclined, that’s also fine. Be purposeful and don’t waste time. If you’re uncomfortable with networking, get help; business is all about people and networking.

 

Create what is known as, the ‘minimum viable product’ (MVP). An MVP is something that you have created (at low cost) that gets a problem solved and for which you have a paying customer. Proving an MVP confirms your assumptions and provides a foundation for your business from which to build.

 

For example, sell a consulting project using a well prepared presentation to close contacts before developing a flash website and renting an office. If it’s a café, do a pop-up café before investing in a full scale shop refurb. The most important milestone for your business is this first sale. Aim to achieve this in the shortest possible time at the lowest possible cost.

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