There are many factors involved in making the decision to start a project. The right valuation is one of the most important. If you have an idea and would like to know what to consider before implementing it, you are in the right place. In this article, we will tell you what influences the valuation of the project and what steps to take to start it.
Table of Contents:
2. What elements are included in the project valuation?
2.1. What solutions do you expect?
2.3. Workshops / Discovery Phase.
2.4. Your involvement in the project.
2.5. Project valuation in Railwaymen.
3. Project valuation in Railwaymen.
How to get started?
Knowledge of the offer is essential when choosing a software house to work with. That's why it's a good idea to have an introduction call. During the conversation, you will share your vision with the company and present your needs. In return, you will get to know the process on the basis of which the work is done. The result of such a debate is the development of a joint plan that will help in making the final decision on cooperation with a software house. You will share your vision with the company and we will help you validate it. Before such a conversation takes place, you should prepare the relevant materials. These can affect the timing of the project and limit any complications. These materials include, for example, ready-made wireframes, personas descriptions, etc.
We invite you for the introduction call. During the call, our clients share the most important information about the project. The meeting results in a preliminary action plan and the presentation of the next steps. It is the stage when you get to know your partners, check if we're a good fit and explore possibilities together.
What elements are included in the project valuation?
Estimating a project is like making a cake. Its taste depends on many ingredients. When it comes to valuation, each project should be considered individually. Not every initiative starts from the same stage. Also, resources are not always the same. Therefore, a good flow of information combined with mutual cooperation can be the seed of success. We have gathered below some points to consider when planning a project. It depends on them to determine the guidelines that determine the valuation.
1. What solutions do you expect?
The value of a project is related to the scope of your expectations. Mobile or web application, type of technology, functionalities - it all affects the pricing. Providing such specifics will help you get a solution tailored to your needs. By acknowledging your needs and market niche, you can focus on choosing the most suitable option.
It is also important to be aware of your own capabilities. Both in terms of staff and time. They determine the course of work on the project and sometimes determine whether to make some concessions. It also depends on them what solutions will be applied and whether some concessions will have to be made during implementation. Especially when choosing interactions and specifying your expectations.
2. Implementation deadline
Every project should have a specified timeline. Therefore, it is important to specify a realistic deadline at the beginning of the project and strive to achieve it. Setting such a goal will make it easier to plan responsibilities and divide them into stages. Having established the scope of responsibilities and action plan, the project team is selected. Setting up the team depends on resources, technical possibilities and time. Everything is adjusted to your needs, so that the implementation proceeds efficiently and accurately at the same time.
3. Workshops / Discovery Phase
Each project should be analyzed individually. Project evaluations also consist of various types of research and analysis that facilitate the entire process. Workshops may prove helpful. Such meetings can help us to better understand the client's vision. In turn, the client can delve deeper into the services offered by the company. This form of project support is important especially for complicated initiatives. These usually require specialist knowledge of the industry.
Equally helpful is the Discovery Phase of the project. The solution is essential in knowing your competitors and your target audience. Also, it allows you to avoid extra costs and select the optimal solutions for your business. This is a solid background that allows the company to make decisions based on the available data.
The first stage is to analyse data such as the potential of the project, competition on the market, as well as user demand. After obtaining relevant knowledge we create personas which help us understand their behaviour, habits and adjust the final product to their needs.
Next step features brainstorming. Based on our analysis, we identify the product features that will solve the users' problems. After discussion, we are able to determine which of them should be included in the MVP (taking into account technical difficulties and costs). Based on the selected features, we create user scenarios that will serve to define the exact logic and functionality.
The final stage concerns the development of mock-ups, whose role is to visualise the final product and collect feedback. In addition, our team reviews the final product and shares their insights, which can play an important role in the development phase. The end of this phase involves obtaining a full development plan with a description of the functionalities.
You can read more about the Discovery Phase on our blog or check out our webinar on the topic.
4.Your involvement in the project
Another point included in the valuation is the selection of the team. There are many combinations. The main one, and the most commonly used, is to entrust the project to the partner's team. It is also possible to cooperate with specialists from your side. The decision is yours, but it should be supported by a shared vision and capabilities.
Cooperation with a software house does not have to involve full project implementation. Many entrepreneurs decide to create their solutions in parts (e.g. first Discovery Phase, then MVP, ending with permanent cooperation). Spreading everything in time is not a big problem.
Your industry knowledge is very important. After all, nobody knows more about the industry and the competition than you do. Every piece of information you provide to the project team can be worth its weight in gold. Especially when working on the Discovery Phase, where research and reliable data are later reflected in the work on the project.
5. Taking over a project or starting from scratch
There are many ways to implement a project. Some people turn to software houses to take over the project from another team. Others prefer to build everything from scratch. Some companies start with an audit of the existing code. It all depends on the approach of the team and the person who commissions the project. The key in this case is to read the documentation and make the right decision. Sometimes corrections of the existing work can be more expensive than creating from scratch. For this reason, it is necessary to review all the pros and cons and make the best possible decision.
Take care of every detail
As you can see, there are many aspects to the cost of a project. It is difficult to talk about a fixed fee for individual services. Creating good communication between the sides and system of work is important too. So you should take care of every detail, to make sure that the implementation takes place without "surprises".
Project valuation in Railwaymen
At Railwaymen, we estimate the project via the sales team. We consider each of our customers as a separate case. After discussing together and listening to expectations, we send a projected cost of completion. We offer our clients a free consultation, during which we get to know each other and determine the scope of our mutual work. When the client makes a decision and collects the appropriate documentation, we start the project.
We approach the issue of billing as well as each stage of the project individually. We use two settlement models - Time and Materials and Fixed Bid. In the first case payment is made based on hours worked. The second model is a settlement based on a fixed amount, regardless of the number of hours worked. Fixed bid projects are contingent upon the time of completion.
We encourage you to contact our specialists. We will share our knowledge and experience and prepare an appropriate valuation of the project for you. Our operations are flexible and tailored to each client's needs. When you approach Railwaymen you can be sure that together we will find the right solutions for your project. We will also define together a precise time-bound action plan.
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