I’ve put in the late nights, weekends, and hustle and bustle. And now what started as an opportunity to earn extra money has turned into an enterprise with real potential.
If you handle logistics, production, marketing, finance, and everything else yourself, you’re part of a growing group of entrepreneurs called “solopreneurs.” When we think of a small business, we often think of an owner and a few employees, but for many entrepreneurs, sole proprietorship makes the most sense for their business model and goals.
If you’re considering a life as a solopreneur or have already launched your business, Justin Hurst, a JPMorgan Chase senior business consultant in Charlotte, offers five helpful tips for growing your business in 2026.
- Identify or finalize business opportunities.
If you want to become a solopreneur or enhance your current offerings, find your needs or come up with innovative ideas in Charlotte. Maybe it’s a service that can help others, or a product that can improve or simplify their lives.
Once you have your big idea, careful planning and preparation can give your startup the best chance of success. This includes researching industry trends to see if they address niche or growing needs. Look for long-term demand and understand the entire addressable market, not just seasonal or trending successes.
Start by writing or refining your 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 projections.
If you already run a business, take a look at your customer base. Do you have repeat customers? Are they referring others to you? An effective side hustle has a stable and growing customer base. If so, that’s a positive sign that your business may be ready to take the next step.
- Maximize savings and impact growth.
Many entrepreneurs use personal savings to start their businesses, but also pursue business lines of credit or small business loans to fund equipment and marketing plans. No matter how you get started, prioritizing savings along the way can ensure you have the funds you need to get your business up and running. One powerful tool for solopreneurs is JPMorganChase’s new Solo 401(k). This plan is designed for business owners with no full-time employees other than a spouse, and allows for high annual contributions of up to $72,000 for themselves and their spouse in both pre-tax and Roth options.
Consistency is key. Solo 401(k) accounts are a popular choice for self-employed people, but 70% made no contributions in the past year, according to Chase data. You can strengthen your follow-through by building small, sustainable habits, like setting up automatic monthly contributions or scheduling quarterly check-ins with your financial advisor. Over time, these simple actions add up to ensure your Solo 401(k) account reaches its full potential and delivers meaningful results over the long term.
You can also look for additional funding from angel investors, who are usually wealthy individuals who can provide small investments at the very early stages of a business. Angel investors accept more risk but want ownership. Crowdfunding is also beneficial for sole traders. With the right product and approach, you can raise small amounts of money from a large number of individual online backers and connect with your target customers early on.
- Develop marketing and brand strategies.
Define your brand voice and value proposition and choose the right marketing channels for growth. You can also consider channels such as social media, email marketing, and paid advertising. Consider the following costs when setting a realistic marketing budget:
