What does freedom mean to you? For some it is having the liberty to do what they want when they want it. For others it is an exemption or liberation from the control of some other person of arbitrary power. The freedom I would like to talk about here is economic freedom and what can give it to you. Have you ever consider the word economy and how it is being used to dominate people? Is there any benefits to you when the economy is booming and you can not meet your basic needs? I think the answer is obvious.

So then really what is important is your economy, but what are you doing about it? I heard an advice from a wise man and I would like to share it with you: “dig your well before you are thirsty”. Certainly there are many ways to do that, you can start saving half of your income right now for a rainy day. You can also start playing the lottery hoping to hit the jackpot. However the way that I know works and would like to suggest is to start your own business.

Most people believe that establishing their own business is very hard. Nevertheless, it can be much easier than they think. Start small and simple. Patience and entrepreneurial spirit can take over and will lead you to new heights.  However, dreams of financial independence and economic freedom will not come true if you never try and work hard to succeed against all odds. The benefits of starting your own business are numerous, and many life coaches recommend trying it at least once. You will will never know if it is or not for you until you have experience it for yourself. There are a number of reasons why starting a business can be great for personal economic freedom and financial independence.

•  It gives More Control in Life

It is quite easy to realize that a person has no control in a corporate world where more and more job opportunities are going overseas to those who do the same work for less. No employment means no economic freedom and less financial independence. However, everyone has a good chance to change their life and meet their personal needs when they start their own business.

Business owners create their own reality instead of depending on others to create it for them. That is exactly what they are doing when they start their own business. By starting a business venture, they can take control of their life and have no need to worry about taking directions from their boss or getting fired. According to a research firm that polled people who own their own business, 94 percent of respondents claimed that they have more control in their life

•  It provides Extra Income

One of the main reasons why people start their own business is financial independence. Starting a business can be easy, and it is especially attractive if it is a low risk venture. A business with low risk is always great because losses can be avoided even though profitability is not always guaranteed. The only potential loss is the owner’s time and effort.

In the long run, a self-owned business is not just able to provide financial independence. It also guarantees job security and freedom from office politics commonly associated with regular employment. Ultimately, most people start their own businesses to leverage their time and make more income. In a survey held by ACNielsen for eBay, 66 percent of respondents said that the opportunity to make more money is what inspired them to start their own business.

•  It Provides More Security

When a person runs a successful business, they tend to generate more income for themselves that leads to more security in their lives. They do not have to worry about what would happen if their employer has problems that are out of their control. Individuals who establish small businesses are able to take control over how much money they earn in addition to when and where they are able to earn it. According to a CitiBank survey, 62 percent of Americans start their small business due to the job security it offers.

• It makes you your own boss

Many employees grumble about the way they are treated and pressured to meet demands and deadlines. One main benefit of owning a business is that you do not have to listen to others before making a decision. As owner you can have your own say, and you have numerous choices and options. A person can start dreaming of success and security along with independence if they are a business owner. In another Citibank survey, 95 percent of business owners replied that being the boss is one of the main advantages of owning a business.

• It allows more Flexible Lifestyle

Having a job at a company means fixed office hours. Your their lifestyle and activities are for the most part controlled by your job, and there is no means of escape except requesting a day off or taking vacation time. Workers who have tasted freedom and security are usually the ones who own businesses. This enables them to have the flexibility that is needed to have a successful lifestyle  and the ability to raise their children, being there. According to a Bank of America research, 88 percent of Americans start their business because of the greater lifestyle control that it provides. Business ownership can allow you a rare combination: time and money!  People who are unemployed or close to retirement may consider starting their own business to give them a source of income.

•  It Has Huge Potential

There is only so far that individuals can go while working for a company. They can become a corporate star and start earning some good money. However, their efforts are limited to the number of hours in a working day or a salary cap. That severely limits their own potential income as compare to working for themselves. In a business, your potential is only limited by the number of people you can serve. It is often said that the secret of success is to find a need and fill. Unfortunately when you are working for someone you are only helping them “find those needs and fill them” therefore success goes to them not to you. When you understand that and do it for your self, the sky is the limit

• It Helps People

Business owners are the backbones of the economic development of any country. Not only do they create employment for others, according to the Bureau of Labor and Statistics data, 65 percent of employment created during were jobs at small businesses, but also they assist a lot people in need thru charity. At a more personal level, imagine the number of lives you can change in your own family, your country or even in the world. The Bill and Melinda Gates’s foundation’s work to eradicate Polio from the world is a good example. To this day, Warren Buffet, the second richest man in the world, continue to make money and turn it into philanthropy.
You might say “but I am no Bill Gates or Warren Buffet” and you are might. But the only difference between you and me and them, is the way we think, time and effort, we were born with the same qualities and attributes.

All is all, I am not suggestion that you must quit your job and start a business. However you must think of a plan B that can take of you and your family should without dependance. Think of a venture that a can be started as part time in the beginning burning the candle from both ends, so to speak, with the knowledge if which one to blow out some day.