Dr. NAICS and Your Classification

I get asked all the time by entrepreneurs who need help determining their NAICS classification. Without doubt, it can be hard to figure out how to classify your new business. What is NAICS, you ask (if you already know this, skip the definition)?

The North American Industry Classification System (NAICS, pronounced Nakes) was developed as the standard for use by Federal statistical agencies in classifying business establishments for the collection, analysis, and publication of statistical data related to the business economy of the U.S. NAICS was developed under the auspices of the Office of Management and Budget (OMB), and adopted in 1997 to replace the old Standard Industrial Classification (SIC) system. It was also developed in cooperation with the statistical agencies of Canada and Mexico to establish a 3-country standard that allows for a high level of comparability in business statistics among the three countries. -- official Census Bureau NAICS website

Why should you care? Because if you know how your business is classified, you can use the classification to find other same-classified businesses through a source like ReferenceUSA, and compare your business to others. You'll remember this from our class.

If you have trouble figuring out your NAICS classification, and you've really, really tried, then send an email to Dr. NAICS at naics@census.gov. They ask you to please include your telephone number in your email message in case they need to call you for more information.

International Houseware Association Tradeshow

Entrepreneurs who have taken one of my marketing classes know that I am a big believer in going to tradeshows. You don't need to have a booth to gather invaluable market research.

The International Houseware Association runs the International Home + Housewares Show in the Spring. If you cannot make these tradeshows, sometimes you'll get lucky: an attendee, like a Gourmet Retailer journalist, will write about the trends she/he discovered. In March 2009, Gourmet Retailer published an article that identified the following trends: Living in Our Kitchens, The Wellness Kitchen & Cooking for Fun, Living Within Our Means, and The Green Kitchen. If you're in the food business, these trends are worth checking out.

If you know your industry tradeshow is taking place, be extra-vigilant in visiting related websites, and searching for press releases.