5 Most Profitable Small Businesses to Start in 2023

4. Event Management

Net Margin: 20%

Next on our list is Event Management. Since coronavirus restrictions have been lifted across the world, this is an industry experiencing growing demand as people start to resume in-person gatherings. Several corporate conferences and meetings that were previously held virtually are also now taking place in-person. According to Allied Market Research, the global events industry had a value of $1.1 trillion in 2019 and by 2032 it is projected to cross $2.1 trillion at a CAGR of 6.34%. Event Management firms typically charge between 15-30% of the event budget as their service offering fee.