The 3 Business Bank Accounts Every Solopreneur Needs
for Financial Wellness
As a solopreneur, managing money well is just as important as delivering your product or
service. And one of the most overlooked tools to support both you and your business is simple:
the right bank accounts.
Here are the three essential business accounts every solopreneur should have to build a
profitable, sustainable business—without the stress of financial guesswork.
1 – A Business Checking Account
Yes, it may seem obvious. But you’d be surprised how many solopreneurs still run their
business income and expenses through a personal checking account. At tax time, that means
extra hours (and dollars) spent by your tax preparer separating business activity from personal.
The IRS strongly discourages commingling personal and business funds. Here’s the rule of
thumb:
● W-2 income from a job? Personal income.
● Side hustle or small business income? That needs its own account.
Your business checking account is where all your business revenue is deposited. It’s also the
account used to pay business expenses, make purchases, and yes—pay yourself.
2 – A Business Savings Account for Profit
In his book Profit First, Mike Michalowicz reframes how business owners think about income:
“Your business should be profitable from day one—and you should celebrate that
fact.”
The Profit Savings account exists for just that: to set aside a small percentage of revenue (start
with 0.5% to 1%) before anything else is paid. This signals to your business—and the
universe—that profit is a priority.
A couple of times per month, transfer that small percentage from your checking to this account.
Then, every quarter, withdraw 50% of what’s accumulated to celebrate.
Not for bills. Not for taxes. Just for you. This is how a successful business feels.
3 – A Business Savings Account for Taxes
No one loves paying taxes—but it’s easier when you plan for them. In addition to sales tax or
payroll tax (if applicable), small business owners must pay:
● Federal income tax
● Social Security
● Medicare
Rather than scrambling at year-end, build this habit now: Set aside 5% to 7% of your revenue
into a dedicated Tax Savings account.
Not only will you avoid surprises come tax time—you’ll sleep better knowing it’s covered.
Bottom Line: Separate Accounts = Clearer Thinking
No matter the size of your business, the biggest gift you can give yourself is accurate financial
records and a clear picture of your money. These three accounts create a simple but powerful
structure.
Need help setting things up or just want to talk through your next step?
Call Troy for a free, non-judgmental consultation.
Let’s get started—your financial wellness matters.