I am trying to assess the right way of raising capital from friends and family at this point in order to fund part of my current project.
I am personally investing about $25k+time in this venture and I need to raise about twice that in order to be able to fully commit to it. Additionally, I want to avoid initially relying on banks or VCs/AIs in order to get the necessary money until I have a functional platform for my project (something concrete that I can show to potential investors).
So the question is, what is the proper way to raise money from friends and family and what do you give in exchange?
Any good examples or success stories?
How much were you able to raise and how did you convince our fmaily/friends to provide you this funding?
As additional context, I am working on finishing our fully elaborated business plan with my partner which covers pretty much every aspect of the business and model. The business will soon be registered as a corporation.