South Carolina is the fourth largest state-maintained system in the country comprising of different businesses spread across multiple sectors. The state has majorly benefited from foreign investments and now has more than 1,950 foreign-owned firms operating in South Carolina. Home to some of the popular global conglomerates, South Carolina has a service sector accounting for 83.7 percent of the state’s economy.
South Carolina has major agricultural outputs as tobacco, poultry, cotton, cattle, dairy products, soybeans, hay, rice, and swine. Internet and growing technology have opened up a wide market for small home businesses. If you want to start a business in South Carolina from home, here’s a complete guide on how you can start a successful business in South Carolina.
List of Top Business Ideas & Opportunities for South Carolina
Let us first check out some of the best small businesses that can be started in South Carolina:
1. Car Rental
Renting cars is a great way to earn extra money, you rent out your car if you don’t use it much. There are several online platforms like YourParkingSpace which offer you to offer it on rent for a specific period and get paid. They will have the insurance covered. You can also contact local travel agencies to rent out your car.
2. Writing Greeting Cards
If you are good at writing short messages, writing messages for greeting cards can be a high paid part-time job. If you think you can play with the words, writing messages for greeting cards can be a high paid job. There are freelancers who do it full time.
3. Financial Services
South Carolina has over 1,950 foreign-owned firms employing more than 135,000 people. These salaried personnel often need financial services related to investment, tax filing, advice, and more.
4. Uber / Lyft
South Carolina has a sizeable demand for app cab services. You can start to drive for Uber or Lyft to offer taxi services. You can work for your fixed hours and earn money as a side business idea. There’s no fixed working schedule, as you can opt to drive during nights or weekends.
5. Freelance Content Writer
Not a regular writer, but if you think you have good writing skills, you can opt to work as a freelance content writer. If you want to tell stories, there are platforms where they accept your stories for online reads. There are many blogs and magazines which accept articles and pay too.
6. Online Dating Consultant
There are people around the United States and the world who have such a difficult time with dating. They often need consultancy on whom they need to date, especially via app-based dating services. If you have the skills to help people get together, you can become a paid matchmaker.
7. Bed & Breakfast Business
South Carolina has a sizeable number of tourists coming to the state every year. With some top-visited destinations, there are visitors who often look for an alternative to hotels and motels. If you have a couple of extra rooms, you can start your own bed and breakfast service with Airbnb.
8. WordPress Website Consultant
If you already run a successful website, or how WordPress websites work, you can start to offer consultancies. Small businesses often find it difficult to start a website on their own. You can offer consultancy online and charge them a small fee to start a successful WordPress website.
9. Wedding Photography Services
You can make good money as a wedding photographer in South Carolina. There are professional wedding photographers who charge between up to $10,000 and more) to shoot a single wedding. If you are someone who can click good pictures, you can opt to offer wedding photography services in the state.
10. E-commerce Business
You can start to sell some products via Amazon or eBay. An e-commerce business can be a great way to make money without starting a physical store. You can visit the local wholesale market to buy a few items at a cheaper rate and then sell them online. You can also opt to offers items via a dropshipping business.
Here is a 10 Step Guide on Starting a Business In South Carolina
If you want to legally start a business in South Carolina, follow the given steps:
Step 1. Choose a Business
Choose any of the business ideas from some of the top business opportunities you can start mentioned above.
Step 2. Business Plan
A well-detailed business plan will help you run your business in a systematic manner. You need to stay ahead of your competition. Start with the necessary details including financing, resources, goals and how you wish to run your business. Follow the simple steps to write a successful business plan in a day.
Step 3. Financing Your Business
South Carolina is a hub of foreign investments. If you have something unique to offer, you find a lot of investors and venture capital firms willing to fund your business. In case to choose to fund your own, check out these top business loans with very low ‘interest rates’.
Step 4. Naming Your Business & Domain Registration
Now you need to choose an official name for your business. You can use a business name generator to check out some unique suggestions. Register it with the US trademark department and immediately buy a domain with the same name.
Step 5. Choosing A Business Structure
Next up you need to select a business structure. This can either be a sole proprietorship, corporation or LLC. If you choose to form an LLC, you can enjoy some additional benefits like added tax reductions and legal advantages. You will no more be held for any individual legal liability and can apply for double taxation.
Step 6. Federal EIN & Tax Filing
Now apply for a FEIN at the IRS. You need to get an EIN to be eligible for taxes. It will act as a social security number for your business. Some of the businesses may have to additionally register your business with the South Carolina Department of Taxation and Finance to be eligible for taxes.
Step 7. Business Permits & Licenses
South Carolina has different local city-specific licenses applicable. Check with your local legal county to complete all your legal requirements and references. You may have to apply for additional licenses applicable to specific businesses, for example, agricultural export.
Step 8. Business Bank Account & Accounting Software
Now you need to apply for a business bank account. A separate account will help you to maintain all your financials at one place making it easy to file for a tax return. Next up its accounting method setup. Here are some of the top-reviewed accounting software to choose from. It will keep all make business transactions easy to be calculated.
Step 9. Business Insurance
South Carolina has no such specific mandatory insurances applicable for businesses. You may need a professional liability policy to sell services in the state though. A worker’s compensation insurance is also required if you have any working employee.
Step 10. Promoting Your Business
Marketing the business is important. To start with, you can use social media to promote your business via different channels. You can scale up accordingly. It’s better to hire an agency to effectively promote your business with a planned marketing campaign.
Best Places To Start A Business In South Carolina
Choosing the right location is going to determine how your business runs. Here are some of the best places in South Carolina to start your business:
This is a complete guide on how you can start a business in South Carolina with a minimal investment. Follow the steps sequentially to establish your dream business successfully.