WELSENDEVS

Table of Content

Introduction: The costly path to product development

Conventional methods: Hiring a software engineering team

• The process involved
• The cost involved
• The pros & Cons

Low-code solutions: A lean approach to MVP and product development

• The process
• Extending low-code with custom code
• Cost involved
• The Pros & Cons

Price comparisons: Low-code vs fully custom solutions.

Making the right choice for your startup

Why choose Welsendevs? your partner in affordable software development

Conclusion: Develop smart and spend wisely

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1. Introduction: The Costly Path to Product Development

Breaking the bank while developing a new product is a common pitfall for many founders. The allure of creating a perfect product can lead to skyrocketing costs, especially if you dive headfirst into the development process without considering all your options. In this blog, we'll explore two primary approaches to product development: hiring a software engineering team to build from scratch and using low-code solutions to develop a Minimum Viable Product (MVP). We’ll weigh the pros and cons of each, compare their costs, and introduce you to how Welsendevs can help you build a scalable product without breaking the bank.

2. Conventional Methods: Hiring a Software Engineering Team

The Process

The traditional route to developing a new product involves hiring a full-fledged software engineering team. This team typically consists of developers, designers, product managers, and possibly a CTO to lead the technical direction. The process starts with ideation and moves through several phases, including:

• Requirement Gathering: Understanding the product vision and user needs.
• Design: Creating detailed wireframes and mockups.
• Development: Writing the code to build the product.
• Testing: Ensuring the product is bug-free and meets all requirements.
• Deployment: Launching the product to the market.
• Maintenance: Ongoing updates and improvements post-launch.

Costs Involved

Building a product from scratch is often the most expensive option. The cost includes salaries for the team, software licenses, tools, and other overheads. Here’s a rough breakdown:

• Developer Salaries: Depending on location and experience, developers can cost anywhere from $70,000 to $150,000 per year.
• Designers: Another $50,000 to $100,000 annually.
• Product Managers: Typically range from $80,000 to $120,000 per year.
• Additional Costs: Software tools, licenses, and infrastructure can add thousands to the budget.

This brings the total initial cost of developing a fully custom product to anywhere from $300,000 to over $1 million, depending on complexity and scope.

Pros and Cons

Pros:

• Fully Customizable: Allows for a unique product tailored to specific needs.
• Scalability: Better suited for long-term growth and complex projects.
• Intellectual Property: You own the code and all associated assets.

Cons:

• High Initial Costs: Requires significant upfront investment.
• Time-Consuming: Development can take several months to over a year.
• Risk of Failure: If the product doesn't gain traction, the financial loss is substantial.

3. Low-Code Solutions: A Lean Approach to MVP and Product Development

The Process

Low-code solutions provide a streamlined path to developing an MVP and even a full-scale product. These platforms offer drag-and-drop interfaces and pre-built components that simplify the development process. Key steps include:

• Selecting a Platform: Choosing a low-code platform like OutSystems, Mendix, or Bubble.
• Designing the MVP: Using the platform's tools to design and build the core features.
• Testing: Running basic tests to ensure functionality.
• Deployment: Launching the MVP to a small audience for validation.
• Iteration: Based on user feedback, refining the product before scaling.

Extending Low-Code with Custom Code

One of the biggest misconceptions about low-code solutions is that they are limited to basic applications. However, with custom code integration, you can extend the capabilities of your chosen low-code platform. This means you can:

• Add Complex Features: Implement custom algorithms, integrate third-party APIs, and enhance functionality beyond the platform's out-of-the-box capabilities.
• Scale with Confidence: By approaching low-code development with scalability in mind, your product can grow with your user base.
• Leverage Backend-as-a-Service (BaaS): For more complex applications, you can use low-code for the frontend and integrate with robust backend services like Backendless, Xano, or Supabase. This hybrid approach allows you to build powerful, scalable apps without the heavy lifting of full-stack development.

Costs Involved

Low-code solutions are significantly cheaper than custom development. Here's a rough estimate:

• Platform Costs: Low-code platforms typically charge between $25 to $200 per month, depending on the features and scale.
• Custom Code Development: Depending on the complexity, custom code can add $5,000 to $50,000 to your budget, but this is still far more affordable than fully custom development.
• Development Time: Since development is faster, you save on labor costs, potentially reducing the overall expense to between $10,000 and $100,000 for a functional and scalable MVP or product.

Pros and Cons

Pros:

• Cost-Effective: Dramatically reduces initial development costs.
• Speed: Allows for rapid prototyping and faster time-to-market.
• Scalability: With the right approach, low-code solutions can support substantial growth.
• Maintainability: Easier to update and maintain, allowing for quick iterations and new feature rollouts.
• Flexibility: Combines the ease of low-code with the power of custom code, offering a balanced approach to development.

Cons:

• Initial Learning Curve: Understanding how to best leverage low-code platforms and custom code integration may take some time.
• Vendor Lock-In: Dependence on the low-code platform can create challenges if you decide to transition to a fully custom solution later.

4. Price Comparison: Low-Code vs. Fully Coded Solutions

When comparing the costs of low-code solutions versus fully coded solutions, the difference is stark:

• Low-Code MVP/Product Development: $10,000 - $100,000
• Custom Full-Scale Development: $300,000 - $1 million+

For startups with limited budgets, starting with a low-code MVP offers a low-risk entry into the market. As the product gains traction, you can continue to scale using low-code or transition to a custom solution if needed.

5. Making the Right Choice for Your Startup

Choosing between low-code and fully coded solutions depends on several factors:

• Budget: How much are you willing to invest upfront?
• Time-to-Market: Do you need to launch quickly?
• Product Complexity: Is your product simple enough to be built on a low-code platform, or does it require custom development?
• Long-Term Goals: Are you planning to scale significantly, and do you need a highly customized product?

For most startups, beginning with a low-code MVP is a wise choice. It allows for market validation without the risk of draining your resources. Once your product is validated, and there’s a clear demand, investing in a custom solution can help scale and grow your business.

6. Why Choose Welsendevs? Your Partner in Affordable Product Development

This is where Welsendevs comes in. At Welsendevs, we specialize in leveraging low-code platforms to build your MVP or full product. Our unique approach allows us to provide all the digital solutions your startup needs to succeed. Here’s what we offer:

• Unlimited Design and Development: For a flat monthly fee, we cover all your design and development needs. This subscription service allows you to spread the cost of development, making it easier to manage your budget.
• Financing Options: We also offer financing through our partners, so you can invest in your product without financial strain.
• Agile Development: We follow the agile methodology, building your prototype within just two weeks. This allows you to focus on raising investment while we handle the technical details.
• Rapid Iteration: We deliver the first version of your product within weeks, allowing you to start engaging with users, collecting feedback, and iterating quickly.

With Welsendevs, you’re not just getting a development service; you’re gaining a partner dedicated to helping your startup succeed without breaking the bank.

7. Conclusion: Develop Smart, Spend Wisely

Developing a new product doesn't have to break the bank. By carefully considering your approach—whether it's hiring a software engineering team or using a low-code platform—you can manage costs effectively and avoid the financial pitfalls that many founders face. Start small, validate your product, and invest wisely in your startup's future. With Welsendevs by your side, you can build a scalable, successful product without overspending.

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