We are a pre-funding SaaS company that has managed to make it to "ramen" profitability for one of our two co-founders.

We already have a lot of traction with two products, just under 10 clients, and have only been working on this part-time for the past 10 months. Each client brings $200-$1000 per month, and the sales cycle can be as long as 4-5 months.

My partner is the technical lead and he is now FT with the company. I am the CEO and in charge of our sales efforts. Sales have been slow because I am still working FT at my day job. We want me to come on FT in the next few months to move sales forward, so we're thinking about a Friends and family round but we don't want to screw it up.

Suggestions?

We would like to raise $40k-$60k to bring us to profitability in the next six months and we have a SBA loan pending for $20k-$40k. How do we structure the F&F round, what should we do about valuations, and how much should we ask for?