I have backing for a startup idea. One offer is the standard seed capital in exchange for equity. The other is no ownership but 30% profit share. Benefits of profit share is easy access to capital, security (paying a very reasonable base salary) and resources (assistance with accounting, admin support, marketing etc) and network. I'm considering profit share because I've previously been choked with other responsibilities that has affected the over all execution of the idea and therefore success.
The company might never see a dime in profit for a foreseeable future plus you will have no control over the direction of the company. If you can hire the right people to help you with non-core stuff that you got choked on and trust your hires, you can have much more than just a market paying job with a share in profit only if the company makes profit. If you are sure you do not want to ownership, you should go with a percentage of revenue which is always guaranteed. Like say 5-10% of revenue. No matter if the new owners make a decision to be profitable or not, you do get paid based on revenue which is guaranteed to grow if your idea is any good.
If you believe in the company - equity. If you don't, why are you doing it in the first place?
I believe in the idea. It's creating the right environment for the idea...
If you choose profit sharing, you're just buying yourself a job.