Pay off Mortgage or build up my business?

I have been thinking today wether or not it would be wise to put extra payments every month towards my highest rate home loan or put it towards building up my business?

Obviously I want to have my house mortgage free but It might be wiser to build up my business (which i intend to eventually sell in 5-10 years time) and use the proceeds to clear the mortgage in one lump! With the loan at an extortionate rate of 12.4% APR and monthly payments of £474 per month just on interest this might seem a no brainer to pay an extra £500 to pay this off faster. 

However, if I put that £500 into my business over two years (£12,000) and buy another wedding car, I can easily generate an income after costs of £14,400 per year (£28,800 over that two year period) and still have that original asset worth at least £10,000 thus a total of £38,800. 

Those are very conservative income figures so it seems to make sense to put the extra capital into my business and just make the minimum payments for the next two years. I'm torn!!!

2012 Financial Goals

I want to make a list of realistic goals for next year. I'm not sure whether to focus on debt reduction, building up an emergency fund or start the extension on my house and just make the minimum payments to all debts. The extension will add value to the house so is kinda like put money in the bank. Trying to do all at once is a little demotivating as I wont see much progress on anything. The secured loan on my property has a very high interest rate (12%) so i would obviously like to reduce this ASAP.

I will give a breakdown of my monthly expenses in my next post. In the mean time, any suggestions will be greatly appreciated.

A Little about me.

Hi this is my first post on my very first blog. Im a 28 year old single male from Tyrone in Northern Ireland. I work for Terex Corporation and also have 2 small businesses that I run from home(More on these later).

I am starting this blog to try and motivate me and receive help with my journey to clearing my debts and building a secure future for myself. I plan to first of all clear all my debts(i will list these in a later post when i get organised) in a seven year plan. I am hoping that other personal finance bloggers will help me create a workable and realistic plan.

I hope everyone is doing well and look forward to meeting new friends.