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13 Best Business Ideas In West Virginia

Written by:

Edited by:

Reviewed by: Daniel Javor

Published on October 28, 2022

Updated on November 12, 2022

13 Best Business Ideas In West Virginia

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13 Best Business Ideas In West Virginia

West Virginia has long relied on its mining, energy, manufacturing and service industries. Its economy is starting to rebound from the economic downturn caused by the pandemic, as indicated by the recovery of more than half of the jobs lost in 2020. 

If you’re looking to cash in on this recovery, consider starting a marketing consulting or proofreading business. Other business ideas in West Virginia include a storage lot, hospice, and fish table business. We’ve listed them here.

1. Stock Trading

Stock Trading

If you have been dealing with securities, you might want to consider starting your own stock trading business. Coming from a volatile year because of the coronavirus pandemic, the stock market is projected to make modest returns in 2022 and continue growing in the next several years. More than 40,000 jobs for securities, commodities and financial services sales agents are expected to be created per year through 2030. 

The first step in starting a stock trading business is to secure a license and become a member of a stock exchange. You can start small and trade from home. It’s important to make a business plan and come up with ways to differentiate yourself from other stock trading agencies in order to attract clients or investors. It’s wise to offer a diversified portfolio, research the market, monitor corporate and other developments that are likely to affect the stock market, and brace for any wild swings that could result in losses.

2. Marketing Consulting

How to start a digital marketing agency

If you’re ready to take your marketing career to the next level, why not set up your own marketing consulting business? The $475 billion global marketing services industry is projected to grow steadily. A fast growing segment is digital marketing, which has also been contributing the bulk of income.

If you have experience providing professional advice on marketing and sales, you’ll need only a minimal investment to set up your marketing consulting business. Before you launch, it’s a good idea to choose which services to offer, build your team, and scope out the market to determine pricing. Once you’ve decided on a business name, it’s to your advantage to create a logo, set up social media accounts, and develop a website to establish your brand especially in the digital space. These will help you find your first clients. The journey won’t be easy and you might encounter speed bumps along the way, but it’ll be worth it.

3. LuLaRoe Business

LuLaRoe Business

LuLaRoe is a multi-level marketing company that sells brightly colored women’s leggings and clothing. For neophytes, it’s a good way to start an entrepreneurial journey and take a step closer toward financial freedom. LuLaRoe was estimated to be worth more than $2 billion in 2017. Based on its website and social media accounts, it is still going strong despite the issues surrounding its operations and marketing scheme. 

Before you get started, it’s important to understand the advantages and disadvantages of multi-level marketing. Multi-level marketing means you sell your products directly to your customers. It’s also known as direct selling or network marketing. As an independent distributor, you can recruit other individuals and create your own network of independent distributors. Besides earning from your own sales, you earn a percentage of the sales of your distributors. Starting a business isn’t easy. It takes hard work and dedication. If you’re prepared to put in the effort, you should be ready to start a LuLaRoe business.

4. Online Resale

How to Start a Consignment Shop

Want to talk about a booming industry? In the coming years, apparel resale is expected to grow 11 times faster than the overall clothing industry, with most of that growth happening online. One reason is that Gen Z’ers and Millennials prefer sustainability, thrifting and throwback trends. Another is that the resale industry sources its goods domestically and as a result is not facing the same supply chain issues as major retailers. 

The big question is how you’ll go about reselling your goods. One option is to rely on major online marketplaces like Etsy and eBay. Another is to partner with resale-focused sites like ThredUp. A third is to create your own resale website. The advantage of this option is you’ll be able to express your own sense of style and build your own brand, while the downside is the added expense. 

Whichever route you choose, as long as you have reliable access to quality goods for resale and continue to provide strong service, you’re likely to keep that cash register ringing.

5. Storage Lot

How to start a self-storage business

Are you looking for a way to turn your vacant property into a profitable venture? If so, then starting a storage lot business may be the perfect option for you. Storage lots provide storage space for boats, campers, trailers, vehicles, machinery and equipment. As more Americans purchase recreational and other vehicles that they don’t use much, demand for storage lots is likely to increase. In the RV industry alone, more than 600,000 RVs were shipped in 2021. 

To get started, check out the permit, zoning, licensing, and insurance regulations in your area. Next, it’s a good idea to subdivide your property into smaller spaces, each of which can accommodate a vehicle or equipment. The rates will depend on the size of each space. Some storage lots don’t allow commercial or unregistered vehicles, so you might also want to set some ground rules for your business. Your storage lot must be secured and accessible 24 hours a day. Once your business is up and running, you can just sit back and earn some cash.

6. Appliance Repair

How to start a handyman business

Are you looking for a business opportunity with low overhead costs? Consider starting an appliance repair business. The market suffered a decline because of the pandemic but recovered in the latter half of 2020 because of low consumer confidence and supply disruptions. The market is expected to continue growing because of these disruptions that make it difficult for consumers to get new appliances. 

Before you get started, understand the market and know that an appliance repair business covers household appliances like television, washing machines, dryers and refrigerators. You may also repair and maintain garden equipment like lawn mowers, but automotive or computer repairs are not included. You will need to check out licensing and other regulations, prepare the basic tools that you need for repairs and maintenance, and advertise your business to find customers. You can start small and work by yourself, or hire an assistant as your customer base grows. With a little planning and preparation, you can be on your way to running a successful appliance repair business.

7. Hospice Care

How to start a hospice business

An aging population in the US is expected to boost the hospice care industry. The market is expected to increase by nearly $80 billion from 2020 to 2025. So, if you’re thinking about starting a hospice business, you should do it now. You’ll be making a difference in the lives of those who need end-of-life care while earning an income at the same time. 

First, you need to understand the basics of starting a hospice business, from licensing and insurance to staffing. You will need to choose your business model. Hospice care can be provided at home or in a hospice facility. If you’re building a hospice facility, you will need capital and have to comply with zoning and other regulations. You will also need to determine the services that you can provide. Hospices provide pain relief, symptom management, and emotional support for terminally ill patients. It’s not going to be easy. You have to be very creative with your marketing strategies and be willing to put in the effort.

8. Bottled Water

How to start a bottled water business

As more consumers believe that bottled water is cleaner than tap water and safer than other packaged beverages, starting a bottled water business makes perfect sense. The US bottled water industry earned nearly $20 billion in 2019. Production volumes and sales are expected to post steady growth in the coming years. 

Before you get started, it’s important to familiarize yourself with the different types of bottled water. Your capital equipment requirements will depend on the type of bottled water you will produce. It’s to your advantage to find a good location for your facility. Keep in mind that you will need plenty of room for your equipment and storage tanks. 

You will need to adhere to stringent FDA regulations since bottled water is considered as a consumer food product. All bottled water products are produced using a multi-barrier approach to guard against contamination. Once you’ve hurdled the regulatory requirements, it’s important to come up with a good marketing strategy to promote your product and ensure its success.

9. Proofreading Service

How to Start a Proofreading Business

Do you have an eagle eye for detail? Do you easily spot grammar, spelling and punctuation errors when reading? If so, starting a proofreading business could be the perfect career for you. With the rising popularity of content marketing, demand for proofreading services has increased. Close to 8,000 proofreaders and copy editors are employed in the US and demand for proofreading services is expected to increase at least 6% annually through 2029. 

A proofreading business can be a great way to make money from home. Proofreaders do the final quality check just before a manuscript or any text is published. Your potential clients include publishing houses, newspapers and magazines, and other businesses that outsource proofreading of business documents, marketing collaterals, manuscripts, academic papers, and other content. You will need to establish a strong online presence and brush up on your networking skills to find these clients and ensure the success of your proofreading business.

10. Supplements Store

How to start a supplement business

If you’ve been thinking about starting a supplement business, now is the time to do it! Sales of multivitamins and supplements spiked more than 50% at the start of the pandemic. In 2022, vitamin and supplement manufacturers in the US were estimated to have earned at least $35 billion. The market is expected to grow marginally in the next five years, with e-commerce sales representing a big opportunity for the industry.

A supplement business can be a very lucrative endeavor. However, it’s not without its challenges. To get started, you need to comply with licensing requirements and other regulations relating to vitamins and supplements. You also need to choose your products well, find reliable suppliers, develop your brand, and get creative in promoting your products. Since the latest trend is selling directly to consumers via the internet, you have to develop your e-commerce website and boost your online presence. Expect to devote a lot of time and effort to your supplement business to ensure its success.

11. Fish Table Business

Fish Table Business
artapartment / Shutterstock.com

Fish tables are table-mounted video games you can play for real money along with other players. You get cash for catching electronic fish. The rarer and faster the fish, the bigger the points and the reward. Fish table games are also gaining traction in online casinos and can be played on mobile devices. If you’re looking for a highly profitable business idea, look no further than a fish table business.   

Before you set up your fish table business, you need to find out whether it’s legal in your state. Gambling laws and regulations differ from state to state so it would be best to consult your local authorities first. If you’re setting up an online fish table, it’s to your advantage to get cutting edge technology that is compatible with all platforms. It’s also a good idea to provide secure and verified forms of payment. Having a marketing plan is important to attract more players. Once you have set it up, you’ll be making money fast.

12. Excavation

Excavation

A booming construction industry is expected to drive growth in the US excavation services market. Excavation contractors prepare the land for construction by digging trenches and foundations as well as drilling shafts. The excavation contractors industry is estimated at $80 billion in 2022 and is still growing. Demand is projected to come from the private residential and nonresidential construction sector. 

If you’re hoping to set up an excavation business, you will need a huge upfront investment or a loan to acquire the necessary heavy equipment like bulldozers, backhoes, front-end loaders, dump trucks and others. You also need to know the licensing, permits and zoning requirements. Once you hurdle these requirements, you’ll be able to take advantage of the opportunities in the market. Whether you’re starting from scratch, taking an existing excavation business to the next level, or offering your services as a subcontractor, it will take a lot of hard work and careful planning to succeed in this business.

13. Press-on Nail Salon

How to start a press-on nail business

Almost out of the blue, artificial nails are experiencing a boom, led by easy to enjoy press-on nails. After years of steady growth, the global artificial nails market is expected to be worth more than $1.2 billion by 2024. Why is this happening now? In a word, nailfluencers. 

In response to pandemic-related shutdowns of nail salons, many Instagram influencers took to the social media platform to show off their stylish and unique press-on nails. People responded to their affordability and convenience, and interest in press-on nails spiked in 2021. 

You could start your own press-on nail business and ride this hot new fashion trend to serious success. If you’re able to hit on some uniquely appealing nail designs, you should be able to get a few nailfluencers to show off your goods on Instagram. From there, you’ll be on easy street.