5 Most Profitable Small Businesses in 2023

1. Pet Services

Average Net Margin: 40%

Pet services such as grooming, pet-sitting, and dog-walking are profitable small businesses, with net profit margins of around 40%. As pet ownership continues to rise, the market size will also increase. According to the grandviewresearch, the market was at $24.92 billion as of 2022 and growing at a CAGR of 9.1%, it is expected to hit $50.1 billion by 2030.

This is a very huge number for something that the general populace perceives to be a small market. FEDIAF’s recent report pointed out that 33% of all European households own a pet. Pet services businesses can be started with relatively low capital investment and have the potential to generate steady revenue year-round.

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