A First Step to Financial Freedom

Dr. Purushothaman
October 16, 2013

Financial Freedom - this is such a famous phrase especially today when there are many economic crises in the world. Almost everyone wants a taste of being financially free these days. What is it really about? Financial freedom is being able to spend on what you want, whether it is a thing, service or vacation without worrying where to get the funds and if your money will run out. Isn't that an amazing goal? Well, very few people are born with a silver spoon. Most of us have to start from nothing to get to the financial freedom that we desire. If you ask me, it is not easy to achieve this through employment alone although it is possible for some. There can't be one too many CEOs in a company as you know. If you ask financial gurus, one of your best chances is to start a business.

There are many investment options available out there. However, you need to focus on one. To start your own business, the first thing that you have to think about is the source of capital. Secure this and you can move on to other important things. For capital needs, there are government agencies that allow you to borrow money. You can also borrow from banks or through a credit company. I would personally advise a credit company as the source of your capital as this is the easiest way to go. Generally speaking, credit companies process business loans in a short period of time; that is, a few days to a week.

For you to have a smooth transaction, submit complete requirements as soon as possible. These include personal identification cards, forms from your employer, credit reports and others. A good credit standing works to your advantage as this affects the amount of business loan allowed for you and the interest rate as well. However, a bad credit history does not immediately disqualify you from getting a business loan. You still have your options as credit companies are very flexible. A bad credit loan is always an option.

Do not forget to create your own business plan. This is the backbone of your business especially now that you are just at the beginning. Your business plan includes your main concept, the product or service information, business location, processes, financial aspect and marketing. Carefully research and write about these about your business. This is one of the major requirements when you apply for a business loan. You have to show that your business is indeed feasible before you get the capital.

The kind of business you will enter into depends on your interest. If you are currently employed, then maybe a franchise is good for you as it needs lesser attention than if you start a business from scratch. Everything is set up and you can just manage your business even if you are employed.

However, if you can get reliable business partners, then you can go on other ventures as well. Do you have that bright idea? Brew it and make it the first step to your financial freedom.

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