I am a Rails developer with a job who does projects on the side. I've been asked by a couple of friends to build a product for their startup, nothing too special/creative technology wise. They don't really have funding yet, but they are serious about it with a business plan and detailed plans for the site and all. I really like the idea and business model.
Would it be appropriate to ask for equity, on top of the cost of the project? And how much? They would be excited to have me around as head of tech, but they don't have funding and I'm not going to quit my day job unless they can pay me a salary. (If they eventually do get funding and I'm interested in joining them, that's a whole different story, right? What equity could I expect then?) Or how about I ask for a % of revenues?