What should I offer my first investor?

My advice would be to NEVER include friends or family members in any business ventures, it can get very ugly fast...

Just do not expect very great income as a beginner. You might need to wait. However it depends on your performance. Anyway, it doesn't seem to be that awkward when you include family in your business. But just be so professional. In simple way, do not force everyone.

So much info needed to truly help you in your particular situation, but congratulations on the exciting interest in your idea!

Here are some questions that pop up in my mind, right away....

Have you created a product or is it a service? How much in sales have you already generated?

If it is a product, how much do they cost to make? How much do you sell them for? Is it an info product?

If it is a service who is doing the service? How much time/$ does the service cost and what do you sell it for?

Also... Why do you need the money? Are you going to use the money for marketing? Production? To cover your day to day living so you can keep building the business? If so, how long will 10k buy you?

With 10k into your business, how much are you expecting to generate? 10k in, 10k out?

Also, are they wanting to contribute more than money? Often times for truly great ideas (and deals) the $ is the easy part to find... Good help, however, is hard to find.

From personal experience i can tell you NEVER mix friends,family with business. It often times does not turn out well...
But if you go ahead i would advise that you get an attorney to help you setup the business partnership, better to do it right from the get go and avoid any squabbles later on....

Thank you all for the valuable information. I think I have what I need for our meeting tomorrow.
Greg

Here's what I'm thinking:
I plan to offer him 5% of the company in exchange for a 15k investment. He is not a long time friend, I may have used that word inappropriately. We were introduced 6 months ago and have only had 3 conversations in that time. He is pursuing me from an investment stand point so our relationship is much more investor-business owner than it is a real friendship.
The program is an online product/service for people with early stage type II diabetes. I have not yet generated any income with the product/service. His investment will be used intelligently and sparingly for marketing, site/product upgrades and general business operations. It should keep me going full time for another 4 months and yes there will be a very clear attorney drafted document between us.

Thank you
Greg