If you are extremely organized, detail oriented individual, who loves to organize parties, then you have the right personality to start an event planning business. You may either choose to specialize in a specific type of event (wedding, birthday parties, company meetings, etc.) or can go with all types of events. The choice will totally depend on your skills or experience.
The biggest advantage of having an event planning company is that if your clients like your work you can get repeated clients and those clients may help you in finding new ones. You also get some percentage of money in advance.
Choosing a business is totally a personal decision. You may find a lot of other possibilities, but coming up with some small business ideas that yield higher profits is little tricky. So, choose your passion from the above list and turn your dream into reality.