Profit First Method: Start your Debt Free Journey Today

Why Your Debt-Free Journey Matters for Business Success

Debt is one of the biggest obstacles standing in the way of small business owners’ success. For Canadian businesses, this challenge is massive. A recent report from Equifax revealed that Canadian businesses are carrying a staggering $35 billion in debt—a 15.3% increase from the same period last year. This trend makes one thing clear: if you’re dreaming of exiting your business, tackling debt must be a priority.

Your debt-free journey isn’t just about paying off what you owe—it’s about creating a financially stable business that can thrive without the weight of financial strain. Let’s explore three key strategies to help you build a sustainable plan for becoming debt-free.

1. Understand Why Debt Became an Issue Now

Before you can fix the problem, you need to understand why it became urgent. What triggered the realization that you needed to pay off your debt?

For many business owners, debt feels manageable—until it doesn’t. Identifying the “why now” moment helps you focus on the changes needed to prevent future financial strain. This reflection isn’t easy, but it’s a critical step toward sustainability.

2. Stop Adding to the Problem

This may seem obvious, but the first step in tackling debt is to stop using it. Whether it’s credit cards, lines of credit, or loans, put a pause on borrowing.

If you struggle to control spending, consider physical barriers: freeze your credit cards (literally, in ice!) or store them somewhere inaccessible. Remember, a debt-free future starts with breaking the cycle of spending beyond your means.

3. Build a Sustainable Debt-Reduction Plan

The key to becoming debt-free isn’t cutting every expense or working yourself into burnout—it’s creating a plan you can stick to. A sustainable plan lets you pay off debt while still running your business and living your life.

Here’s what often happens: Business owners focus solely on paying off debt, cutting marketing, coaching, and other critical investments. Once the debt is paid, the lack of new leads and opportunities causes revenue to plummet, starting the debt cycle all over again.

Instead, use tools like my Debt Reduction Tool to create a plan that balances debt repayment with ongoing operations. This ensures that your business continues to grow while you pay off debt in a sustainable way.

Your Debt-Free Future Starts Today

Becoming debt-free is a journey, not a quick fix. It requires a long-term approach, a clear plan, and a commitment to sustainability. By taking control of your debt now, you can create a stable, thriving business ready for future growth and success.

If you’re ready to start your debt-free journey, download my free Debt Reduction Tool. It’s designed to help you map out a plan that works for you while keeping your business running smoothly. Don’t wait—your future self will thank you.