Why Start With An MVP
Getting the MVP to the market to validate your business idea or starting a new project is a great way to inspect your concept and understand the needs and requirements of your customers before putting more money into the game.
Even though it sounds easy, but most of the startups get it wrong, when it comes to building an MVP. It is tough to find a sweet spot between building an MVP or a full-fledged product.
It is critical to identify the fine line and launching just the right MVP which doesn’t take too much time and money but on the other hand it isn’t too buggy either that you risk your reputation.
An MVP might not have all the necessary features that you envision, however it still resolves a specific problem that you are trying to solve for your target audience. So the question remains, how do you get your MVP quickly and push it to the market for validation?
Understanding The On-Demand Beauty Landscape
With everyday increase in consumers using mobile devices for browsing and buy on-the-go services, the beauty industry is also trying to get familiar with the trend. Latest research reflects that almost 75% of beauty sites are now mobile optimized, which was around 50% in 2012.
For instance, StyleSeat, an online destination that connects beauty and wellness professionals with clients, has recently raised $25 million, which brings its total to $39.9 million. Launched in 2011, it started with $700K in hand which later reached to $4 million in 2013. In the third round of funding in 2014, the platform collected $10.2 million from 8 investors.
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- In-Store Booking
- At-Home Service
This model aims at offering a platform to book independent stylists, so that clients can avail on demand beauty services at their salon location. It is a manual process of matching the clients with stylists. In this model, clients can review different stylists by browsing through their profiles in order to make an informed decision accordingly. They can check the reviews and recommendations available on their profiles to be more clear about their service quality. This model showcases a lot of value for both the customers and stylists.
How – Customers can browse as well as search for photos and recommendations to understand the originality aspect of a beauty service provider and easily book services according to their convenience. Whereas, stylists can gain complete access to premium tools such as client tracking, schedule management, online booking, custom statistics, and mobile tools. They can also opt for additional tools to increase their business revenue.
At-Home Service via Stylists
This falls under “Automatic Matching of Stylist” and it has its own limitations, advantages, and different requirements. In the on-demand beauty market, a number of platforms follow this business model for offering their services to the clients. In simple words, it is a supplier-pick marketplace, where they automatically match the clients with the stylists, who offer the services at clients’ locations such as office, home, hotel, etc.
How – First, clients pick a service type that includes hairstyle, manicure, blowout, facial, makeup, nails, etc. and then book an appointment based on the selected service. After this, beauty service providers allocate that particular service to a professional stylist, who arrives at pre-fixed location on promised time.
Partial revenue is generated through services and commissions, but there are a number of vital factors upon which the overall revenue of an on-demand beauty platform depends.
- Ratio of old vs new clients
- No. of trained professionals
- Operational cities or regions
- Average ticket size
- Average turnaround time
- Product categories
A perfect revenue model can be attained through the quality of services that a beauty business has to offer to its customers. The primary source of revenue generation is through the beauty services, and besides this, there are various others, including 3rd party ad service, stylist promotion services, etc.
MVP vs Full-Fledged Product
The concept of an MVP (Minimum Viable Product) is a great way to test your idea with customers, if you want to bring a new product to market. An MVP is a product’s design with minimum features required to test a business idea. So, here are the benefits of building an MVP that can help you save both cost & time as compared to a full blown product.
Cost-Effective – Instead of creating a complete product, you create a prototype with the most basic features. This results in saving your money in both design costs and manufacturing, as you need not to develop extra functionality that might compromise the product anyway. These cost savings are important at the early stage of an idea because you have no idea yet about how your customers may use your product, or which features you may need to add to locate your MVP.
Rapid Prototyping – Second advantage of an MVP is the freedom it offers you to implement an idea, adding or correcting it, study its use by clients, and repeat as necessary, in a quick fashion. You just need to locate those minimum features that resolve your client’s problem with ease. All you need is to have is the basics, and this is easier and quicker to execute.
Competent – All in all, following the MVP approach offers the least amount of features to solve the problem. This literally means, less products to move, minimum support staff for support, and fewer developers for coding. You discover the required features according to the needs of your customers and continue towards the final design of the product. Thus, more effective product development approach, which is ideal for your business.
Time To Market – It can be highly subjective and you must have in your mind that someone is pursuing the same thing and will possibly win the race as the first one to the market. You must maintain a balance between your investment i.e MVP and time to market, so that to gain the opportunity to dominate the market with your product simply because you reach customers in the market first.
What You Get As A Part Of The Tookan MVP
App For Customer – When it comes to an online beauty business, user-friendly app for customers plays a crucial role. Tookan can help you get connected with your customers and bring in more business by providing a dedicated customer app. Through this app, they can choose the desired beauty services and book the appointments at your location, or select stylists according to their needs and avail services at their respective location in an easy manner. They can also track the selected stylist to know the ETA.
Dashboard For Owner – Tookan provides an interactive dashboard through which you can easily assign and schedule new tasks to the stylists. In addition, you can also track every movement of your stylists effectively. Tookan features 2-way notification option which you can use to serve and update your customers about their appointments or on-location service, and handle your field workforce efficiently through instant updates. You can monitor the performance of your workforce and use the data to increase the customers’ satisfaction.
App For Service Provider (Stylist) – Through dashboard, you can transfer the optimized route for tasks to the app, which will assist the service provider right from the start to arrival and finally the completion of the tasks. Our app for service providers is the most reliable way to ensure service efficiency, as it guides them to perform the assigned tasks in a timely manner. Apart from this, you can also customize the app from the dashboard and allow your stylists to add images, notes, and a signature as per the business requirements.
Maintenance & Future Development – We will keep the field workforce management software fully maintained, so that your MVP can grow along with your customers. Plus, we will enable you to take your MVP to a full-fledged product, while offering dedicated support for it. Taking an MVP to a fully developed product after countless fixes is huge step forward, and we ensure to go hand in hand with you through our extensive range of fleet management features.
So, if you are thinking about starting your own business in the on-demand space, or need a workforce management software for an already established business, then you can get in touch with us! With Tookan, we know how to turn your business dreams into reality!