The first store was built in 1877 by John and William Graham. By the turn of the 20th century the village was a bustling commercial community. Thanks to the New Castle-Franklin railroad Volant became a popular shopping district. The mill remained the nucleus of the town. Because of Volant's rural location there was a livery stable, two harness shops, a blacksmith and a veterinarian, as well as some shops. In addition, there was a college which attracted students from the surrounding communities. As the town progressed toward establishing larger business ventures, a stone quarry was begun around 1900, as well as a lumber mill and brick company. The growing need for petroleum spurred an oil boom north of Volant. The drilling continued until the beginning of World War I.