I made a bussines plan which I presented to a couple of friends only for opinions. One of them liked the plan enough to express interest in providing the money needed to get the business operating. Im more than eager to make this work since all I currently have is the idea and getting a loan is rather difficult( if not impossible) because of my age.
So my question is, should I split up revenue with him till the loan is payed off? Should we work a percentage out of revenue split and keep him in the business long term?
I really dont know how to work this out, this is my first time dealing with someone investing on one of my ideas, really would appreciate some help from someone with more experience