There are 4 majors cost components of any software development project, and each one of them carries a different weight in the total costs. Each one is a critical item and important for a successful product development effort. The following is a rough idea of the cost distribution for these major factors based on fixed-cost projects:
Note: The cost distribution provided above is based on rough estimates. These software development costs vary based on size, complexity, and engagement model.
On average, the cost of a bespoke software development project, based on its size and complexity, could fall in the range of:
- Small project: £10,000 – £35,000
- Medium-sized project: £40,000 – £65,000
- Large project: £70,000 and above
The actual software development cost, as you can imagine, would depend on many factors and can only be scoped after a detailed discovery exercise with you. Also, small/medium/large are very relative terms and could mean different things to different people; the estimates mentioned above are meant to give you an idea, based on our experience of delivering numerous projects over the last 15 years.
- Prioritise the features for your product. Allocate the most time, attention, and budget to things that matter most.
- A phased approach makes budgets easier to cope with and gives you a chance to rethink based on different factors.
- Once your users start using the software, priorities will change. A phased approach lets you adjust the features that need to be added next.
- Your product idea might alter or completely change based on what you are learning from user behaviour and response. A phased approach will help you deal with this very efficiently.