Starting a new business is like a thrilling adventure, full of dreams and possibilities. But, as you’ve probably already discovered, the road from vision to execution can be… a lot, especially if you try to take on everything at once.
Figuring out the right size for a minimum viable project (MVP) is key.
When you break your project down into manageable phases and focusing on the essentials first, you’re less likely to overextend yourself and give up. However, if you try to tackle a massive project from the get go, you’re setting yourself up for failure.
But how do you know if your project is too big to be considered an MVP? Let’s explore.
What is a minimum viable project?
An MVP is a concept I’ve borrowed from the startup world, where it originally referred to a minimum viable product.
The idea is simple: instead of launching a full-scale business or product all at once, you start with the smallest, most manageable version of your idea that allows you to begin learning and generating value. This first step is your MVP.
For solo business owners, an MVP means breaking down your larger project into smaller, more achievable phases. It’s about focusing on the essentials first, validating your ideas, and building on your successes step-by-step.
Breaking down the big picture – the beauty of the MVP
An MVP is all about focusing on the essentials – it’s what your larger project will be built on.
Imagine you’re constructing a house. You wouldn’t start with the roof or the windows. Nor would you expect to build an entire house within a few months (unless it’s a ‘tiny home‘, and that’s a whole different ballgame). First, you need a solid foundation, then a plan to tackle the rest in stages.
Similarly, your MVP is that crucial first phase of your larger project. It should be small enough to be achievable, yet substantial enough to provide real value and insights.
How big is too big?
An MVP should be a project you can complete in a relatively short time frame, usually a few weeks to three months, max. If your project will take longer, it’s probably too big.
The key is to focus on getting started quickly and efficiently without getting bogged down by the bigger picture.
Signs your MVP is too big
- It feels overwhelming: If the thought of your MVP makes you feel anxious and unsure where to start, it’s probably too big. An MVP should feel like a clear, focused path, not a mountain you need to scale.
- It takes too long to complete: As I said earlier, an MVP should be something you can complete relatively quickly. If you can’t see yourself completing the project within a few months, it’s too big. Break it down until you have something manageable.
- It needs extensive resources: If your MVP needs a large amount of money, time, or other resources, it’s likely too big. The idea is to test your concept with minimal investment.
Adjusting your MVP
If your project already seems too large, don’t lose hope. Adjusting and scaling back is a smart and necessary part of the process.
Start by outlining your larger project to decide how big your MVP should be. Imagine you’re starting a new eCommerce business – this is how you could break it down:
- What’s the primary goal of your project? For an online shop, it might be to sell unique jewellery.
- What do you need to achieve this goal? You’ll need a website, profitable products to sell, and a way to attract customers.
- What’s the most critical component to start with? In this case, it might be creating a basic website with a few key products.
Example of a well-scoped MVP
Using our online shop example, a well-scoped MVP might look like this:
- Check out your competitors: Do thorough research to see what successful online jewellery shops are doing. Benchmark their pricing and list their bestsellers.
- Create a basic website: Use a simple platform like Shopify or Wix to create a basic website. Include a homepage, product pages, and a contact form.
- List a limited range of products: Start with a small collection of 5-10 pieces of jewellery. This allows you to test the waters without a massive inventory investment.
- Launch a simple marketing campaign: Use social media and word-of-mouth to promote your shop. Focus on a small, manageable campaign to gauge interest.
The power of feedback for your MVP
An essential aspect of an MVP is the ability to gather feedback. Once you’ve launched your basic online shop, listen to your customers. What do they like? What could be improved? Use this feedback to guide your next steps.
Maybe customers love your products but don’t love how the website is difficult to navigate – your next phase might focus on improving the shopping experience or investing in a more sophisticated website. Or maybe you expand your product range or enhance your marketing efforts.
Approach these next steps with the same MVP mindset: break it down, keep it manageable, and focus on delivering value. Each new phase will build on the previous one, gradually turning your initial idea into a full-fledged business.
Conclusion
The key to a successful MVP is keeping it small, focused, and manageable – after all, it should be a stepping stone, not a stumbling block.
By breaking down your larger project into realistic chunks, you set yourself up for success, allowing for quick wins and valuable lessons along the way.
So, next time you feel overwhelmed by a big idea, remember to take a step back and ask yourself: How can I make this smaller? How can I make this workable?
