Anyone take out a small business loan to get started?

I've been trying my hand at the whole online game for years now. I can make great sites that are usually unique. However, the most I've ever been able to average a day is $60-$70. I'm not happy with that at all.

I'm so tempted to take advantage of my good credit (doing debt consolidation as a day job, you pick up some tips here and there ) and take out a nice fat business startup loan. (after writing a detailed plan of course!)

My main problem with websites is .. well I basically suck at bringing in traffic. If I had a nice sized $xx,xxx startup loan, I could buy a 1 word domain already getting type-in traffic and go from there.

Anyways, this is just a thought that's been in the back of my mind.. has anyone ever done this? Care to share some insight? Thanks.

 

My experience of banks is that they are old fashioned and don't change quickly. I would guess that they are years away from understanding enough about SEO and online businesses to give us a fair shake.

 

I went to my bank for a loan in 2003. Just a small one. The second I told them I was online, the guy said there was no chance of getting a loan. I think the dotcom bust scared a lot of banks away.

 

Yea, I used to own a fairly large computer consulting company. Even though we had 2-4 million in sales (mostly to government clients), many bankers had trouble getting around any knowledge industry. We stayed with our existing bank because it was too much work to try to convince a competitor of our credit worthiness.

 

One of the really nice things about the web is you can build something great with almost no cash investment.

I have been down the high leverage road and the payments and cash flow challanges can be extremely painful. Much better, IMHO, to learn how to get traffic.

 

If you can get a site to average $60 a day then you can sell it for $20k. That's enough for a generic .com name and some promotion money.