Event Venue Sharing Business

How Profitable Is An Event Venue Sharing Business? (Updated for 2024)

Pat Walls

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Updated: September 21st, 2024

How Profitable Is An Event Venue Sharing Business? (Updated for 2024)

So you want to start an event venue sharing business?

And the first question that came to your mind was, “well, are event venue sharing businesses actually profitable?”

With a market size of $18.8B - there’s plenty of business to go around.

Especially considering:

You could start a event venue sharing business with as low as $1,000
Based on our data, event venue sharing businesses generate an average of $600K per year
You could see gross margins as high as 40% with event venue sharing businesses

There’s money to be made. Don’t worry.

But, I don't want to spoil it all. Below we’ll cover everything you need to know when it comes to the profitability of a event venue sharing business.

Let’s dive in!

Yes, an event venue sharing business is generally a profitable business. However, you still need to consider several factors since these things always impact the overall outcome.

For instance, since average revenue is $600K per year with an estimated gross margin of 43%, you could expect to recover your investment within 9 months or even less.

But of course, it all comes down to how much you earn compared to the potential revenues of your event venue sharing business.

To determine whether your business is profitable, you should earn more than your expenses in the beginning months. However, while you're in your first month, it can be challenging to know what to expect.

Therefore, you should maintain a record of your monthly expenses and income to determine whether you're meeting your goals. By doing this step, you can see how your event venue sharing business is doing and if any changes or adjustments need to be made to enhance or maintain your efforts.

If you’re wondering if a event venue sharing business is worth it, the answer is a big YES. With event venue sharing businesses, you have the potential to earn $600K per year (this is based on data reported by real founders).

Further, you could have your initial investment back within months. Simply put, it’s a business worth a shot, especially if you have the resources and make the necessary efforts to achieve or surpass the target.

With a market size of $18.8B, it will be possible for you to build something that grows and turns into a flourishing business. As such, it’s the type of business you might want to consider starting.

Of course, you must learn and understand every aspect of running a event venue sharing business to ensure success. Still, as long as you have the initial investment and can endure a few months before your actual gains, this business could be worth it.

You might want to consider reading more specifics about successful event venue sharing businesses case studies.

Here are a few examples of profitable event venue sharing businesses, and a few more details about them:

1. EMS Events ($600K/year)

Amana Feline's "aha" moment came when she saw event organizers struggling with equipment rentals, prompting her to start EMS Events in 1997. Today, her company generates $50K monthly, serving 500-600 events annually in London.

Is it profitable? Yes
What's the gross margin? 40%
How much money it makes: $600K/year
How much did it cost to start: $1K

My Event Production Company Brings In $50K/Mo

Case study about the growth of an event production company in London that started in 1997, now making $50K monthly and aiming to reach $90K by offering event equipment and services such as LED video walls, sound systems, and lighting hire, serving corporate events and focusing on exhibitions for revenue growth.

Read this case study

Read by 616 founders

Learn more about starting an event venue sharing business:

Where to start?

-> How much does it cost to start an event venue sharing business?
-> Pros and cons of an event venue sharing business

Need inspiration?

-> Other event venue sharing business success stories

Other resources

With a event venue sharing business, you can make an average of $600K revenue per year (based on data reported by real businesses).

You can start with an initial investment as low as $1,000. Then, with proper knowledge and sustained effort, you could have an ROI (return of investment) within 9 months.

Based on our data, average weekly revenue for a event venue sharing business ranges around $12.5K. As such, you could see monthly revenues of $50K.

To know if your event venue sharing business achieves the weekly profit target, you need to keep track of the total earnings you get per day. Afterward, you'll want to consider subtracting the expenses you have daily.

Learning your weekly profit can also show whether you're hitting your target goal for your event venue sharing business.

The income of an event venue sharing business owner can vary depending on various factors such as location, size, competition, and the owner's business skills.

But to give you some idea, the weekly revenue of an established event venue sharing business is about $12.5K. But this can be lower or higher depending on so many factors - it's almost impossible to say exactly.

While the potential for earning a good income as an event venue sharing business owner exists, success in this field requires a commitment to providing quality products and services and building a strong reputation within the community.

Generally speaking, an event venue sharing business can expect profit margin of around 43%. Profit margins refer to the percentage of revenue that remains after deducting all expenses associated with running a business. In the case of an event venue sharing business, profit margins can vary depending on various factors, such as the type and quality of products sold, the size of the store, and the level of competition in the area.

However, these figures can vary depending on the pricing strategy, inventory management, and overall efficiency of the business. To maintain healthy profit margins, event venue sharing business owners must focus on managing costs, negotiating favorable supplier terms, and providing high-quality products and services to attract and retain customers. By doing so, event venue sharing business owners can ensure long-term sustainability and profitability for their business.

The salary of an event venue sharing business owner is an unpredictable figure. It's significantly influenced by numerous factors, including the store's location, its size, and the degree of competition. An owner of a well-established event venue sharing business, in a prime position, might see an average weekly salary around the ballpark of $5.38K.

But it's worth noting, such numbers aren't always consistent. The earnings can vary wildly, potentially swinging by as much as 80% either way.

Achieving consistent success and maintaining a reliable income stream in this industry requires a deep commitment. It's imperative to offer high-quality products, deliver impeccable customer service, and nurture a trusted bond with the community you serve.

Conclusion

In a nutshell, based on many of our examples, a event venue sharing business may be a promising business to start - but the success of your event venue sharing business mostly depends on your effort and your approach.

If you focus on these, you'll have a much higher chance of a profitable event venue sharing business.