Can I have my own Wi-Fi without a provider?

I'm curious about setting up my own Wi-Fi network without relying on a traditional service provider. Is it possible to have a private, standalone Wi-Fi connection without signing up for a plan with a telecom company? If so, what kind of equipment would I need to get started, and what steps would I need to take to establish and maintain my own network? Additionally, are there any potential drawbacks or limitations to going this route, such as speed or range limitations? Ultimately, I'm looking for a cost-effective and reliable solution for internet connectivity that doesn't tie me down to a long-term contract or recurring monthly fees.