Starting a Small Business in Virginia

Welcome to the Small Business Startup Virginia Franchise Directory! Here, you’ll find everything you need to begin your journey to business ownership in The Old Dominion State. If you’re thinking about starting a small business in Virginia, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our Virginia Franchise Search Tool.

Virginia Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Virginia economy's largest industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries.

1. IT Consulting (Revenue: $58.2 billion)
2. New Car Dealers (Revenue: $31.3 billion)
3. Hospitals (Revenue:$27.4 billion)
4. Management Consulting (Revenue:$26.6 billion)
5. Health & Medical Insurance (Revenue:$24.1 billion)
6. Supermarkets & Grocery Stores (Revenue:$23.6 billion)
7. Real Estate Loans & Collateralized Debt (Revenue:$23.4 billion)
8. Engineering Services (Revenue:$20.4 billion)
9. Credit Card Issuing (Revenue:$18.7 billion)
10. Commercial Banking (Revenue:$18.2 billion)

Virginia Sector Statistics

When starting a small business in Virginia, gross domestic product (GDP) is another tool that entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means that people are spending more money and more jobs are being created.

The three sectors that contributed most to Virginia’s GDP in 2022 were Professional, Scientific & Technical Services; Real Estate, Rentals & Leasing; and Manufacturing. Combined, these three sectors represented 42.8% of the state’s GDP. In 2022, the sectors that contributed most to Virginia’s GDP included:

1. Professional, Scientific & Technical Services (Value: $77.5 billion* | Annual growth: 3.6%)
2. Real Estate, Rentals & Leasing (Value: $62.3 billion* | Annual growth: 0.4%)
3. Manufacturing (Value: $40.4 billion* | Annual growth: 0.9%)
4. Healthcare & Social Assistance (Value: $32.5 billion* | Annual growth: 1.9%)
5. Information (Value: $29.1 billion* | Annual growth: 8.9%)
6. Retail Trade (Value: $26.5 billion* | Annual growth: 0.2%)
7. Finance & Insurance (Value: $29.1 billion* | Annual growth: 4.6%)
8. Wholesale Trade (Value: $22.3 billion* | Annual growth: 2.1%)
9. Administration, Business Support & Waste Management Services (Value: $21.9 billion* | Annual growth: 7.9%)
10. Construction (Value: $18.8 billion* | Annual growth: 1.1%)
11. Management of Companies & Enterprises (Value: $16.5 billion* | Annual growth: 4.2%)
12. Accommodations & Food Services (Value: $11.1 billion* | Annual growth: 3.6%)
13. Other Services (except Public Administration) (Value: $9.9 billion* | Annual growth: -2.3%)
14. Transportation & Warehousing (Value: $9.6 billion* | Annual growth: -4.6%)
15. Utilities (Value: $6.5 billion* | Annual growth: -2.2%)

*Approximately

Virginia Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. By doing so, you can decide whether a location is a good match for your target market.

In 2022, counties with the highest populations in Virginia included:

1. Virginia Beach City (Population: 451,800 | Annual growth rate*: 0.1%)
2. Loudoun (Population: 440,700 | Annual growth rate*: 2.1%)
3. Chesterfield (Population: 368,000 | Annual growth rate*: 1.3%)
4. Henrico (Population: 337,200 | Annual growth rate*: 0.5%)
5. Chesapeake City (Population: 251,200 | Annual growth rate*: 0.8%)
6. Arlington (Population: 243,800 | Annual growth rate*: 0.8%)
7. Norfolk City (Population: 241,400 | Annual growth rate*: -0.3%)
8. Richmond City (Population: 235,300 | Annual growth rate*: 0.7%)
9. Newport News City (Population: 178,500 | Annual growth rate*: -0.2%)
10. Stafford (Population: 163,400 | Annual growth rate*: 2.1%)
11. Alexandria City (Population: 159,100 | Annual growth rate*: 0.1%)
12. Hampton City (Population: 135,800 | Annual growth rate*: 0.1%)
13. Hanover (Population: 109,900 | Annual growth rate*: 0.8%)
14. Roanoke City (Population: 99,000 | Annual growth rate*: -0.1%)
15. Suffolk City (Population: 96,600 | Annual growth rate*: 1.4%)
16. Portsmouth City (Population: 95,300 | Annual growth rate*: 0.1%)
17. Bedford (Population: 80,600 | Annual growth rate*: 0.5%)
18. Fauquier (Population: 72,100 | Annual growth rate*: 0.5%)
19. Franklin (Population: 56,100 | Annual growth rate*: -0.1%)
20. Culpeper (Population: 55,200 | Annual growth rate*: 1.6%)

*From 2017 to 2022.

Virginia Business Opportunities

We hope this snapshot of the Virginia economy helps as you investigate business opportunities in The Old Dominion State! Starting a small business in Virginia is an exciting journey, and we know you’re probably eager to get started. But remember, take your time to explore all your options. While you’ll always have the “opportunity” to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called “Franchise Opportunities,” and they offer several benefits, including the recognition of a well-established brand and a proven track record of success.

To learn more, start by exploring franchise opportunities in Virginia, below!