 Welcome to The Journey. Today we'll be showing you how to build a minimum viable product. MVP. So money makes the world go around. You know, it's really important for an entrepreneur, small business owner 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 going to 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. MVPs are the greatest way to actually get to your final product. So even though we're not talking about, you know, 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 is 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 going to 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 of it 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 crowdfunding. 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 going to give you some blueprints to know what to build. That's going to 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 going to 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 going to get with their product and how they're actually going to 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 page that says coming soon, you know, and maybe encourage people to sign up for email notifications. You know, 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, thousand people have already said that they are interested in when we have this product ready to come to the market. You want to get on board with that, don't you investor? One 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 and said, hey, we're not quite ready just yet. Leave us your email 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 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. You know, it's a lot different than that traditional method, you know, where it required a lot of research and development and costs. Now, there's plenty of businesses or 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 businesses that are using an MVP to get their fresh product off the ground. And small businesses are doing this because you're able to one, test theories about your market quicker and cheaper. And since it is a bare-bones project, you know, 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 really great way to, you know, 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 a 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 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. Be sure to like, comment, and subscribe to our channel. And ring the bell so you're notified when we have fresh content coming out. This is The Journey. Thanks for watching. See you next time.