Starting a Small Business in West Virginia

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

West 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 West Virginia economy's most significant 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. Hospitals (Revenue: $11.1 billion)
2. Coal Mining (Revenue: $7.4 billion)
3. Gas Stations with Convenience Stores (Revenue: $6.1 billion)
4. New Car Dealers  (Revenue: $4.8 billion)
5. Oil Drilling & Gas Extraction (Revenue: $4.5 billion)
6. Warehouse Clubs & Supercenters (Revenue: $3.4 billion)
7. Lotteries & Native American Casinos (Revenue: $3.4 billion)
8. Commercial Banking (Revenue: $2.7 billion)
9. Supermarkets & Grocery Stores (Revenue: $2.7 billion)
10. Gasoline & Petroleum Bulk Stations (Revenue: $2.7 billion)

West Virginia Sector Statistics

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

The three sectors that contributed most to West Virginia's GDP in 2022 were Mining; Healthcare & Social Assistance; and Manufacturing. Combined, these three sectors represented 45.3% of the state's GDP. In 2022, the sectors that contributed most to West Virginia's GDP included:

1. Mining (Value: $13.7 billion* | Annual growth: 5.1%)
2. Healthcare & Social Assistance (Value: $7.6 billion* | Annual growth: 1.1%)
3. Manufacturing (Value: $7.6 billion* | Annual growth: 3.3%)
4. Real Estate, Rentals & Leasing (Value: $7.2 billion* | Annual growth: 0.4%)
5. Retail Trade (Value: $4.6 billion* | Annual growth: -1.9%)
6. Wholesale Trade (Value: $3.2 billion* | Annual growth: -2.2%)
7. Professional, Scientific & Technical Services (Value: $2.9 billion* | Annual growth: 0.6%)
8. Finance & Insurance (Value: $2.6 billion* | Annual growth: 6.3%)
9. Construction Services (Value: $2.3 billion* | Annual growth: -4.1%)
10. Administration, Business Support & Waste Management (Value: $2.0 billion* | Annual growth: 4.9%)
11. Accommodation & Food Services (Value: $1.9 billion* | Annual growth: 1.9%)
12. Utilities (Value: $1.8 billion* | Annual growth: -2.8%)
13. Transportation & Warehousing (Value: $1.6 billion* | Annual growth: -1.4%)
14. Information (Value: $1.6 billion* | Annual growth: 1.4%)
15. Other Services (except Public Administration)  (Value: $1.2 billion* | Annual growth: -1.4%)

*Approximately

West 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. Doing so lets you decide whether a location is a good match for your target market. 

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

1. Kanawha (Population: 171,900 | Annual growth rate*: -1.2%)
2. Berkeley (Population: 126,800 | Annual growth rate*: 1.9%)
3. Monongalia (Population: 107,600 | Annual growth rate*: 0.4%)
4. Cabell (Population: 90,200 | Annual growth rate*: -0.8%)
5. Wood (Population: 81,600 | Annual growth rate*: -0.8%)
6. Raleigh (Population: 71,500 | Annual growth rate*: -1.0%)
7. Harrison (Population: 66,100 | Annual growth rate*: -0.5%)
8. Jefferson (Population: 58,000 | Annual growth rate*: 0.4%)
9. Mercer (Population: 57,200 | Annual growth rate*: -0.9%)
10. Putnam (Population: 56,300 | Annual growth rate*: -0.2%)
11. Marion (Population: 55,700 | Annual growth rate*: -0.2%)
12. Fayette (Population: 41,100 | Annual growth rate*: -1.1%)
13. Ohio (Population: 40,500 | Annual growth rate*: -0.8%)
14. Wayne (Population: 38,200 | Annual growth rate*: -1.1%)
15. Greenbrier (Population: 33,800 | Annual growth rate*: -0.8%)

*From 2017 to 2022.

West Virginia Business Opportunities

We hope this snapshot of the West Virginia economy helps as you investigate business opportunities in The Mountain State! Starting a small business in West 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 West Virginia below!