Sponsored by JPMorganChase
By Aaron Allen, The Seattle Medium
As inflation, market shifts, and political uncertainty continue to influence the economy, more Americans are turning to entrepreneurship with a do-it-yourself approach. These independent business owners, known as solopreneurs, are taking on every role themselves, from product development to marketing and finance.
The solopreneur model is gaining traction among those who want flexibility, control, and low overhead. Unlike traditional small businesses that hire employees to manage growth, solopreneurs are intentionally building lean, independent operations that allow them to retain full ownership over decisions and processes.
Sheila Winston, a Chase business consultant, said the term refers to business owners who operate independently without employees.
“So, a solopreneur is a single business owner. A lot of businesses will become like an LLC or a corporation. However, when they work by themselves, they’re called solopreneurs. A lot of times when they become an LLC or a corporation, they will have more employees, and the key difference is that they want to pretty much not have a lot of employees. They want to work alone. They just want to focus on building their business up and be the experts in their business, so that’s the key difference,” said Winston.
According to Winston, avoiding extra expenses is a major motivation for these business owners.
“It’ll help them have low overhead costs and not have to worry about taking on additional costs when it comes to payroll season, when it comes to having to pay the employees and have to have overhead expenses. It’s just a better way for them to be able to manage their business by doing it by themselves versus bringing on a bunch of key employees,” said Winston.
For many solopreneurs, what starts as a side hustle fueled by long nights and weekends can grow into a full-fledged business with serious potential. As momentum builds, questions of sustainability and expansion come into focus. For those aiming to level up in 2026, several strategies can help ensure long-term success.
The first is identifying or refining a strong business opportunity. Finding a clear market need or developing a product that solves a problem is the foundation of a successful venture. Chase advises entrepreneurs to look beyond short-term trends.
“Once you have your big idea, careful planning and preparation can give your startup its best shot at becoming a success. That can include researching your industry’s trends to see if you’re meeting a niche or a growing need. Look for long-term demand and understand your total addressable market, not just seasonal or trendy success,” according to Chase guidance.
Once the opportunity is defined, the next step is creating a business plan. Winston recommends that solopreneurs take time to put their vision into writing.
“Start by writing or refining a business description to outline your goals and strategy. Your plan doesn’t have to be long, but it should outline your mission, goals, competitive analysis, marketing approach and financial forecasts,” said Winston.
Even for businesses already in operation, reviewing customer activity can signal growth potential. A steady base of repeat customers or referrals often indicates the business is ready to scale.
Another common challenge for solopreneurs is managing finances. Many start with personal savings and later seek loans or lines of credit. Regardless of the funding source, financial discipline is essential to keep the business viable and profitable.
“I would say probably the biggest challenge, to be honest with you, a solopreneur is going to have to be being able to accurately maintain their cash flow, their savings, and be able to have profitability at the end of the year. As a consultant, I actually mentor with many solopreneurs. And again, a solopreneur is just a person that is working the business solely by themselves without any type of employees, so the biggest challenge is understanding the ramifications of how they should manage their finances, especially their cash flow,” said Winston.
Marketing is also critical for growth. Solopreneurs often serve as the face of their brand, which means building a strong identity and voice is essential. Winston recommends starting small and focusing on strategies that align with the business’s strengths.
“One might explore channels such as social media, email marketing or paid advertising. As you set a realistic marketing budget, consider the cost of tools, advertising and outsourced services like graphic design or content writing. Start small, measure results and scale what works,” said Winston.
In addition to marketing strategy, building relationships can play a key role in long-term success.
“You should also build a strong network to find mentors who can provide startup advice. Stay focused on your target audience so you can market to them effectively,” said Winston.
Behind the scenes, solopreneurs must manage logistics, customer service, scheduling, and more. Tools that streamline operations are vital, especially when owners choose not to outsource.
“Logistically, a lot of times, solopreneurs don’t want the complexity of having to expand their business out to different departments. They want to have sole control of the whole business and not have a lot of things that they have to delegate. That’s one reason,” said Winston. “Another thing is low overhead costs. A lot of times when I’m talking to participants in the program, which are the solopreneurs, they don’t have enough money coming into the business to be able to outsource, so they pretty much try to take on the cost themselves.”
“I would say low overhead cost is very, very key and then also having the ease of not having different departments to do their work. They can control it more,” continued Winston.
As businesses grow, retirement planning is another important consideration. JPMorganChase offers a Solo 401(k) for business owners without employees, aside from a spouse. It allows contributions up to 72,000 dollars and includes both pre-tax and Roth options. However, Chase reports that 70 percent of solopreneurs did not contribute to these accounts last year.
Building long-term savings through automatic deposits or quarterly check-ins can help solopreneurs stay on track. Even small, consistent actions can create meaningful results over time.
Funding options beyond personal savings may also be helpful. Some solopreneurs find support through angel investors or crowdfunding. These platforms not only raise capital but also engage early customers and build visibility for the business.
JPMorganChase offers a suite of tools and advisory services to help solopreneurs thrive. Educational resources, one-on-one consultations, and tailored financial products are available to support entrepreneurs at any stage of growth.
If you want more assistance in taking your solo business to the next level, your local financial institution has resources that can help. You can also reach out to a Chase business banker today for more information and advice.
