You can handle this in just two simple steps:
1. Step one - Concept validation
During the years we have worked with numerous startups and have met a lot of enthusiastic founders with brilliant ideas who have been ready to invest all their savings on development. Spending on development though should come second. First of all the client needs to validate his concept. It takes time and resources but is a crucial step in the process of creating a working and valuable project. So you should plan carefully and put some cash aside for this first step. Here comes your 5% of the budget.
Let’s be honest about it - it is not just the awesome code that brings success to your product. The bright idea does not always turn into a vivid business. There is no greater joy than seeing your product live and kicking long after you’ve brought it to life and as a company we have always been more than happy to work with clients who did their planning in advance.
Now after you’ve done your planning and validated your concept you can proceed.
2. Step two - What are the odds of success?
The digital world is a highly competitive place full of hinders. It’s a good idea to see where you’re going. Let me cast light on some questions that may occur in the way.
- Is your product attempting to resolve a problem that is not an important one?
- Your product may be of real use for a certain issue but are there other existing products on the market which are free, cheap or better working?
- If there are customers willing to pay for your product, is reaching out to them hard or expensive?
Answering these questions though will take another 5% of your budget. Use them wisely and do some cheap user research, run a few demand experiments and make your assessments.
If you eventually came to the conclusion that you not only have a smart idea there but also a profitable business and it is worth spending on development then you should make the call and create this brand new cool product.
If the answer to all three questions is “Yes” then you may be having a not so great idea after all and the second step is a dead end. Maybe you should give up spending the rest of your budget on something that won’t live to see another day. A small investment in research and planning can really stop you from spending the other 90% of your money and save you the disappointment.
To cut the long story short - don’t underestimate the steps you need to take before calling your developer - this can save you tons of money. And vice versa - if your idea proves to be strong and viable don’t hesitate to make the leap and create something new and exciting. Although we won’t walk the way instead of you, we at MTR will be more than happy to see you around to build something amazing together.