As of today(actually about 15 minutes ago), my detailing business is 100% debt free!!!! When I made my hobby into an actual business, I bought things to give the best image possible, like a new 1 ton van. This was all done on credit. From the start, I had very good intentions with my detailing money, but always made the wrong choices(buying toys, taking trips, etc...). After some MAJOR debating, I decided to do the right thing and take care of the business. So this morning, I paid off the last debt associated with the detailing business.
Now my intentions are expansion. I'm planning to buy a new enclosed trailer to pull behind my truck, for a 2nd detailing rig. Also have plans for another shop. I'm actually in negotiations with the owner of the building right now. I figure by the middle to end of July, my buisiness should be in full force with a shop and 2 detailing rigs going full time.
Man this is a GREAT feeling! I finally feel like I'm making progress with this business!