I'm currently working full time for an employer of mine. I've run numerous small business on the side, including a web software company, a web design company, and a forum... but now I'm working with a friend of mine on an entirely new, much larger idea. This idea is so big that I know there is no way I can do my job and run this business, at least not after we really get started.
My plan without divulging too much is to get our prototype up & running with a few local businesses and do planning in the next 4 - 6 months. I have a partner who is doing all of the coding / design and I'm putting together marketing materials, business plans, and meeting with potential customers. Ideally, and probably realistically, the only way I can grow this business the way I want is with some sort of outside investment.
I'm wondering how VC works in this regard. I have a mortgage, and my wife and I are trying to get pregnant. In a nutshell, I need my salary, to pay my bills.
I don't expect to pay myself any more than I make today, but I would need to pay myself a salary when we went full-time on the idea. Is that reasonable and what do venture capitalists expect? I don't expect to make more than I am now, or pay myself anything exorbinant, I just want to take enough that I acn meet my financial obligations. I have no problem eating Ramen noodles, but I still need to pay for the house, ya know :)
What do most others pay themselves? Is something approaching $100k reasonable, depending on your living conditions and location?