I actually put my spare on a few nights ago:
Anyway, I use this
BMW Jack Set. The Jack is perfectly suited for this purpose and I've had zero issues. The kit is nice (if a bit overpriced); has chocks, gloves, and a jack. The included torque wrench is set to 140Nm, which is unfortunately higher than our lugs require.
That kit's jack is made for BMWs and fits the jack receptor under the 1M perfectly. If you already have a jack and it's one with the round pad, one of
these adapters should be used.
If you were working physically under the car I'd get jackstands.
Jacking up the car and replacing wheels isn't complicated. Just remember to set your parking brake and use a wheel chock (one comes with that set).
FYI: The parking brake only works on the rear wheels. So when you're removing the front, jack up the car to the point the front wheel is almost off the ground, then loosen the lugs. When you're putting the front wheel back on, tighten the lugs as much as you can with the wheel off the ground (the wheel will spin preventing you from getting to 120Nm torque). Then lower the wheel so that it's just touching the ground, and torque the rest of the way. Then finally lower the wheel completely.