Freedman admits that he did not strengthen sufficiently in the winter transfer window last season and is determined to get it right this time around to push Bolton on to success.
A left-back and a winger are thought to be high on his list of priorities and the manager is confident he will receive financial backing from club owner Eddie Davies.
He accepts that he may have to let one or two players go to make room for new arrivals, with David Ngog linked with a move to Turkish side Bursaspor.
"I made a mistake last year because we didn't strengthen in key positions and by the end of the season we'd lost Jay Spearing, then David Ngog, one or two others," Freedman said in the Bolton News. "We missed them big time.
"We need to make sure that we cover ourselves.
"Can I strengthen? Yes, I can, as long as it's sensible. I'll go to the board and express my views on why we should strengthen with such a player.
"If I have to make funds available from my own resources then I will - I have a couple of assets in the team, so we'll look at that situation.
"You never know who's going to knock at your door so you have to be ready.
"But there are options for people going out and people coming in, definitely."