Monday, March 23, 2009

The Tale of Take Out Dreams: Secured Loans

By. Derek Rogers

One night, while sitting lazily on the couch watching television, I grew hungry. Unfortunately, because I was lazy I didn't want to make anything. I didn't want to take the time and fuel to drive somewhere and get something. I didn't want to buy any of the things that could be delivered. I just didn't want what was available.

All of this laziness and hunger gave me an idea; I was going to start my own take out delivery service!

From The Dream to the Bank

There are so many wonderful restaurants that offer take out. If someone were to offer to, not only order the take out for you, but also deliver it to you, wouldn't you take them up on that offer? Creating a take out delivery service was a huge undertaking. It had to be more than a telephone, a stack of take out menus, and a spry vehicle. There had to a computer for taking the orders and keeping track of all the finances.

There had to be a separate phone line for ordering the take out and taking orders. There had to be extra money for the delivery vehicle's fuel costs. There had to be some sort of advertisements, and there had to be some sort of organized menu that combined the take out menus from all of the restaurants into one, easy to read brochure. All of this dreaming and planning needed some money.

I decided to get a secured loan. A secured loan is a loan for which the borrower pledges collateral that will be forfeited to the lender if the borrower fails to repay the loan. Basically, I put my house up as collateral in the case that I fail to pay back the loan. This was a huge step, but I was willing to take it. A secured loan was helping me to make my entrepreneurial dreams come true.

From My Signature to My Success

Once I decided to get a secured loan, there was nothing to stop me. I drove the 5 miles to the nearest bank and sat down to speak with the loan officer. After 2 hours of talking, calculating, credit checks, and planning I walked away from there the proud owner of GBP 25,000. I knew that if I was going to make this business work, I would have to make some sacrifices. So, I quit my job and dedicated 12 hours a day to getting my dream off the ground.

With the money from the loan, I was able to purchase a new computer, special business software, a desk and other office materials, a second phone and phone line, a second vehicle and a petrol card. I was able to design and print thousands of fliers and menu brochures. This was really going to happen; I was really going to do this!

I was so excited and so grateful to the bank for giving me the secured loan. Of course, my house was standing as security, but I knew that if I worked hard, planned well and just stuck it out I would pay the secured loan off and continue to be a success in my new business venture.


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