I am working on a Startup where in I am developing some Web and Mobile Applications.Now, all the monetary investment as well as development is done by me. I once learned that friends are our best resources and we must utilize them appropriately. Now, I have few friends who are good in development and I am interested in using their services, but I also know that they will not be able to devote much of their time , for longer term, because they are more focused towards their day jobs. My questions are, How can I convince them to work for my startup as a part time (except the being a friend reason, they believe that the application will work ) and what would be the best agreements to pen down so that their interests remains in the application and still they have an easier exit point.
Things are never easy whenever money is involved.
It's nice to work with friends / people you know, but that makes it doubly important to make sure that a fair arrangement is understood and agreed to up front - otherwise animosity, jealously and all sorts of other problems arise (lynch mob "not pulling your weight" accusations) that can kill friendships.
If you're not splitting up ownership, then pay them as consultants. Have a system in place where you can log hours and pay reasonable rates. Like any consultant agreement, make sure IP assignment and non-compete clauses are in place.
All the other stuff (workload, product market acceptance) isn't their concern - its yours. You want their time / expertise and are willing to part with cash to meet your goal.