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How can I put a fair market valuation for awarding Options?

MakeMeSustainableMakeMeSustainable subscriber Posts: 2
edited September 2008 in Startup Funding
My company has recently passed an options incentive plan (this was done by our lawyers). However, before we can give options, we will need to have a fair market value for common stock in order to be kosher with the IRS. Problem is, we don`t have the budget to pay for a third party to give us a valuation.
Can anyone help with the process so that I can run a valuation myself? We are a simple web based business without complex revenues.
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