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Written by: Esther Strauss
Esther is a business strategist with over 20 years of experience as an entrepreneur, executive, educator, and management advisor.
Edited by: David Lepeska
David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.
Updated on March 16, 2023
West Virginia has long relied on its mining, energy, manufacturing and service industries. Its economy is starting to rebound from 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 getting into marketing consulting, proofreading, storage, or hospice. There are a lot more possibilities out there — check out our list of great business ideas in West Virginia to find some inspiration.
Diamonds are shining brighter as jewelry sales quickly rebounded from the pandemic with double-digit growth. If you’re thinking of starting a diamond business, you’re on the right track. Global demand is expected to remain robust, with jewelry sales set to grow 3% per year through 2027 and top suppliers De Beers and Alrosa reporting financial gains. This strong demand is driving up prices in the US.
To get started, you will need to choose your niche. Are you going to focus on natural-mined or lab-grown diamonds? Which segment are you targeting – cutting and polishing, or retail? Also check out federal and state regulations concerning the diamond industry, especially on rough diamonds trade. Next, make sure you have the necessary resources in place, such as capital and space to operate. Finally, create a brand customers trust and launch a smart marketing campaign.
With the right planning, diamonds could become your best friend.
Thinking of setting up a health care business? You’re on the right track. By 2030, the number of US adults age 65 and older will exceed 60 million. This means increased health care spending. Which segments are booming, you might ask. Profits are growing fastest in medtech and health care IT.
So what are you waiting for? Now’s the time to start a health care business. Take the first step by finding a niche to focus on. Make sure you have the necessary permits and licenses, whether you’re thinking of starting a medical practice, home health care company, or something else. You’ll also need to decide on a value proposition that will set you apart from the competition and bring in steady business.
A great deal of manufacturing has moved overseas in recent decades, but US manufacturing is still an $8 billion industry that has seen steady growth in recent years. Manufacturing businesses can be extremely profitable, but they also require a lot of planning and hard work.
The first step is to decide what you’re going to produce. Do some market research and see which products are selling well and where there may be a market gap. You should keep an eye out for products that are more affordable to manufacture or offer a significant markup and strong profits. Next, you’ll need to rent or purchase a manufacturing facility, preferably in an out-of-the-way location to keep costs low. Once you start making your products, you’ll need to have them tested and certified and acquire all the necessary licenses and permits.
Finally, you’ll be ready to launch a marketing campaign that, with a bit of luck, should start bringing in orders and put you back in the black.
The US real estate market has been booming in recent years, and is now worth nearly $400 billion and expected to see further growth in the years ahead. As an entrepreneur, you’re always on the look-out for new opportunities. Right now, with sales totals and home prices at record highs, real estate ranks among the largest and most promising markets. And best of all, you’ll be helping families settle down and build homes and communities.
Of course, starting a real estate business isn’t as easy as getting out of bed. You’ll need to educate yourself about the market and obtain a real estate agent’s license. You’ll need to familiarize yourself with the relevant online tools and information to keep you updated on market trends and find a local broker to partner with. Finally, you’ll need to set up a website and successfully market your abilities in order to stand out in a crowded marketplace.
All that done, you’ll be ready to start building your real estate empire.
Are you thinking of starting your own retail business? If so, you’re in good company. The retail industry is a huge part of the economy, and it’s only getting bigger. But starting a retail business isn’t easy. There are a lot of things to think about, from choosing the right location to setting up your payment system. And let’s not forget the most important step: deciding what to sell!
A good way to choose your product offerings is to first do some research — see what’s out there, and more importantly what’s not. You’re looking for what sells well, as well as a market gap to fill. Once you know your products, finding a great location for your store will be the next big step. However, you might want to initially run your retail business out of your home. This would significantly reduce your costs and give you time to build a brand and a reputation.
After a year or two, assuming your products are well received by the market, you’ll be in a much better position to find a great location and open a serious retail outlet.
If you’ve worked with securities, you might consider starting a stock trading business. Coming out of the pandemic, the stock market is set to make solid returns in 2023 and continue growing for 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, but it’s important to make a business plan and come up with ways to differentiate yourself from other agencies and attract clients. It’s wise to offer a diversified portfolio, research the market, monitor corporate developments and business news, and brace for any wild swings that could result in losses.
If you’re ready to take your marketing career to the next level, why not set up a 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 advice on marketing and sales, you’ll need only a minimal investment to set up a 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 in the digital space. All this will help you find your first clients.
The journey won’t be easy and you might encounter speed bumps along the way, but it should be well worth it.
LuLaRoe is a multi-level marketing company that sells brightly colored women’s clothing. For neophytes, it’s a good way to start an entrepreneurial journey and take a step toward financial freedom. LuLaRoe was worth more than $2 billion in 2017. Based on its website and social media accounts, it is still going strong despite some issues surrounding its operations and marketing scheme.
Before you get started, it’s important to understand the advantages and disadvantages of multi-level marketing. Like with Avon makeup, multi-level marketing means you sell your products directly to your customers, and you can recruit others and create your own network of 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.
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 is thus facing fewer supply chain issues than big retailers.
The key question is how you’ll go about reselling. 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 that last option is you’ll be able to express your own sense of style and build your own brand, while the downside is the added time and 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.
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. Storage lots provide storage space for boats, campers, trailers, vehicles, machinery and equipment. As more Americans purchase recreational and other vehicles they don’t use much, demand for storage lots is set 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 West Virginia. 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 might be able to just sit back and earn some cash.
Are you looking for a low-cost business opportunity? Consider appliance repair. The market suffered a decline because of the pandemic but has recovered amid low consumer confidence and supply chain 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, acquire the basic tools, 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 could be on your way to appliance repair success!
Our aging US population is driving growth in hospice care. The market is expected to increase by nearly $80 billion from 2020 to 2025. So, if you’re thinking of starting a hospice business, now’s the time. You’ll be able to provide much-needed end-of-life care while making a good living.
Of course you’ll need to know the basics of hospice care, 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 the terminally ill. It’s not going to be easy — you’ll need to put in the effort and devise creative marketing to attract clientele.
As more people view bottled water as cleaner and safer than tap water and other packaged beverages, starting a bottled water business makes sense. The US bottled water industry earned nearly $20 billion in 2019. Production volumes and sales are expected to see steady growth in the coming years.
Before you get started, 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 equipment and storage tanks.
You will need to adhere to stringent FDA regulations since bottled water is considered 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.
Do you have an eagle eye for grammar, spelling and punctuation errors? If so, a proofreading business could be the perfect career. With the rising popularity of content marketing, demand for proofreading services has spiked. Close to 8,000 proofreaders and copy editors are employed in the US and demand for proofreading is set 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 the text is published. Your potential clients would include publishing houses, newspapers and magazines, and businesses that outsource proofreading of documents, reports, and other types of 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.
If you’ve been thinking about starting a supplement business, now is the time! Sales of multivitamins and supplements spiked more than 50% at the start of the pandemic. In 2022, US vitamin and supplement manufacturers earned at least $35 billion. The market is set 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 an 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.
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, consider the fish table.
Before you set up, you need to find out whether it’s legal in your state. West Virginia seems to only allow online fish table operations, but you should check with the authorities to confirm. If you’re setting up an online fish table, it’s to your advantage to get cutting edge tech compatible with all platforms. It’s also a good idea to provide secure and verified forms of payment. Having a marketing plan is crucial to attracting players. But once you’re all set up, you should be making money fast.
A booming construction industry is expected to drive growth in US excavation services. Excavation contractors prepare the land for construction by digging trenches and foundations and drilling shafts. The excavation contractors industry was 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 meet these requirements, you’ll be able to take advantage of the opportunities in the market.
Whether starting from scratch, taking an existing 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 excavation. But the opportunity is real.
Almost out of the blue, artificial nails are booming, 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 social media to show off their stylish 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 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.
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