5 Most Profitable Small Businesses in 2023

3. Event Management

Average Net Margin: 20%

Event planning is another one of the most profitable small businesses in 2023, with an average net margin of 20%. Event-Management companies typically charge 15-30% of the total event budget.

As people resume in-person gatherings and events in 2023, demand for event planning services is expected to grow. The US market currently stands at around $3 billion, with more than 61,000 planners in the market, as per stepbystepbusiness. The covid-19 pandemic severely damaged the industry, as lockdowns all over the world prevented any kind of gatherings from taking place. However, with the lockdowns gone, the industry is on the path to recovery.

Event-planning businesses can generate significant revenue from event fees and vendor commissions. With the right organizational and marketing skills, event planning businesses can enjoy strong profit margins.