6512 Nonresidential building operators 5995 Optical goods stores 7372 Prepackaged software 2074 Cottonseed oil mills (There is also a, North American Product Classification System (NAPCS), used to classify products. 3593 Fluid power cylinders & actuators 8631 Labor unions 3635 Household vacuum cleaners 5461 Retail bakeries About Us 7200 - ACCOMMODATION AND FOOD . Overall, industry revenue is set to grow at a CAGR of 11.8% to $136.2 billion through 2023, including a 9.6% increase in 2023 alone. 3429 Hardware 9651 Miscellaneous commercial sectors regulation 5945 Hobby & toy stores 3492 Fluid power valves An NAICS code classifies business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. economy. 3641 Electric lamps & bulbs Privacy Policy We also use third-party cookies that help us analyze and understand how you use this website. 42XX Trucking & Warehousing This brings me to the subject of SIC codes. More Info. 2869 Industrial organic chemicals 2284 Thread mills 7641 Reupholstery & furniture repair The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. 0291 Livestock & animal farms *Travel industry. As you grow, you might consider bringing others on board to join you. 6099 Check cashing agencies Lead Generation SBA Size Standards, Data Append Services 3011 Tires & inner tubes 5146 Fish & seafood All you need to get started is a phone, computer and an internet connection. 3565 Packaging machinery Company Lookup Tool, Contact Us We have created a 70 minute training video you can watch for free. Some lenders will not consider your loan application if your business is classified under a very high risk industry. 3631 Household cooking equipment 1031 Lead & zinc ores The company will provide the tools you need . Do you know your NAICS Code and want to know its corresponding SIC Codes as well? Cultivate an engaged following online with content recorded by this $150 drone two-pack. By knowing the customers' needs, you'll be able to provide the service they desire. 2257 Circle knit fabric mills 2282 Yarn throwing & winding mills 5063 Electrical equipment & wiring 4939 Combination utilities 9431 Public health programs administration Please enter your email address. of Minerals in SIC 1479, Grinding, Washing, Separating, etc. Oct 23, 2017. 8244 Business & secretarial schools 5082 Construction & mining machinery 4142 Bus charter service, except local In a post for The Balance, business writer Susan Ward wrote, "When you're starting a business, you need to become an expert on your industry, products and services if you're not already. It vindicates your operations as legal commerce. In his 14-plus years as a marketer and entrepreneur, Sujan Patel has helped hundreds of companies boost online traffic andsales and strengthen their onlinebrand reputation. A NAICS Association Recommended Guide to Free Online Market Research Tools Online. 16XX Heavy Construction, exc Build 5912 Drug stores 5962 Vending machine operators 1751 Carpentry work 3462 Iron & steel forgings 5621 Womens clothing stores Furthermore, as time went on, the amount and types of businesses changed, and overtime, not every specific segment was properly classified. 0272 Horses 7513 Truck rental, without driver 7941 Pro sports clubs & promoters Do you have a brilliant business idea ready to launch? 3499 Locks, ladders, novelties, etc. 2796 Platemaking 2024 Ice cream & frozen desserts 2051 Bread products exc cookie/crkr SIC & NAICS Codes What Are They & What Do They Mean? 8713 Surveying services 5033 Roofing, siding & insulation materials Examples of Not Elsewhere Classified - NEC Codes in the SIC Code system. of Minerals in SIC 1499. 7218 Industrial launderers 96XX Administration of Economic Programs 5600 - ADMINISTRATIVE AND SUPPORT AND WASTE MANAGEMENT AND REMEDIATION SERVICES. 78XX Motion Pictures 9121 Legislative bodies 31XX Leather and Leather Products 4923 Nat gas transmission & distribution 4491 River, lake & canal transport of passengers 8651 Political organizations 0139 Field crops farming If you are starting a business, you will likely need to identify your primary sic code or naics code when you incorporate your business, or you may be asked to provide it when you apply for credit. 2835 In-vitro and in-vivo diagnostics 5300 - REAL ESTATE AND RENTAL AND LEASING. Within that major group, 9 other food related groups exist including Meat Packing (201), Dairy Products (202), and Grain Mill Products (204). 3511 Turbines & generators 1222 Bituminous coal underground mining 6371 Pensions, health & welfare funds 2269 Finishing plants The Grain Mill Products subgroup includes a variety of more specific industry sectors including our example, Cereal Breakfast Foods (2043), as well as Dog and Cat Food (2047) and Flour and Other Grain mill Products (2041). 3312 Blast furnaces & steel mills 5611 Mens & boys clothing stores 5045 Computers & software 4924 Natural gas distribution 2875 Mixing fertilizers An establishment that operates in more than one (1) activity may have additional Secondary SIC Codes. 2816 Inorganic pigments The Wind Power industry generates revenue from owning and operating wind farms and selling the energy they produce to downstream customers. of Minerals in SIC 1455, Grinding, Washing, Separating, etc. 2085 Distilled liquor, except brandy 3821 Lab apparatus & furniture 36XX Electronic & Electric Equipment 39XX Misc Manufacturing Industries 3466 Crowns & closures Long distance or over-the-road trucking. 5499 Health foods, beverage stores, etc. 3578 Calculators, adding machines & bank machines 8051 Skilled nursing care facility 2035 Fruit/veggies seasoning/sauces Additional information on NAICS is available at: Private firms contracting to provide services to government, Government-owned/contractor-operated (GOCO) plants. 14 Low Risk Businesses to Start (2023): Up to $15k a Month4 14 Low Risk Businesses to Start: Up to $15k a Month Part-Time Side Hustle Nation is dedicated to improving your personal profitability. 5921 Liquor stores 8031 Osteopathic offices Solar power companies have gone through significant growth, propelled by improvements in the technologies used for electricity generation and government incentives, like the renewable portfolio standard (RPS) targets. 3264 Porcelain electrical supplies 0171 Berry crop farming 3942 Dolls & stuffed toys 1061 Ferroalloy ores, except vanadium Follow our social media channels to stay up-to-date with the latest news, events and offerings! 2386 Leather and fleece lined clothing 4226 Special warehousing & storage There you can use online lookup tools or you can even download the entire NAICS manual. 8322 Individual & family social services 3143 Mens shoes, except athletic 1479 Chemical mineral mining, including fertilizers About Us Start an Online Course If you have expertise in something that people are willing to pay for (such as blogging), you might want to create a course on the subject. Tutoring is another way to use the skills you already have to help others reach their goals. A "hierarchy" is the relationship of one item to a particular category. 9661 Space research & technology 7519 Utility trailer rental Add SIC Codes to Your Client List, How Do I Find My SIC Code 4489 Water passenger transport 7833 Drive-in movie theaters 3535 Conveyors You can then find out more about the business type by looking at the final digits. 2439 Structural wood 5032 Brick, stone & construction materials Risk Type (NAICS CODES) by Coverage Category. 3011 Tires & inner tubes An SIC code (Standard Industrial Classification) is a four digit numerical code assigned by the U.S. government to businesses in order to identify the primary function of the business.The first two digits of the code identify the major industry group, the third digit identifies the industry group and the fourth digit identifies the industry. 1011 Iron ores 2087 Flavoring extracts/syrups 2865 Cyclic crudes & dyes 3356 Nonferrous metals rolling & drawing The main point is to choose a business that has a low risk SIC code. It is now as common as SIC code. 9631 Government administration of utilities 3647 Car lights & mounted spotlights If its on your business credit, you will need to file a dispute with the business credit agency reporting it. At CSA Group, you'll contribute to the safety of many industries, from consumer products to nuclear plants and beyond. 3824 Fluid meters At the same time, exceptions have been made to include certain governmental activities in the economic census: In addition, the economic census does include the activities of private contractors that may be carrying out governmental functions on contract. Medical & Recreational Marijuana Stores in the US 3.00 4. Two of the terms and concepts that are often shrouded in a bit of mystery are SIC codes and NAICS codes. 3845 Electromedical therapy apparatus 0241 Dairy farming 2441 Wooden boxes & cases 7359 Equipment rental 02XX Agricultural Production Livestock Low Risk SIC Codes for Businesses vs. High Risk SIC Codes Furthermore, some companies may be labeled high-risk when they do not select the right SIC codes to classify their company. 3365 Aluminum foundries According to The Penny Hoarder, Mary Kay costs $100 to start, Tupperware costs $99, and Avon, just $10 to 20. This data is critical for government programs, policies, and decision-making. How would you like to do that while working from home? 2037 Frozen fruits/juices/veggies 6200 - HEALTH CARE AND SOCIAL ASSISTANCE. In our Experian report, our SIC Code is 5087-Service Establishment & Supplies; NAICS Code is 423850-Service Establishment and Supplies Merchant Wholesalers. These NAICS codes are used by lenders and insurers to determine risk levels and can impact everything from loan underwriting to workers' compensation premiums. 3262 China table & kitchen ware According to The Penny Hoarder, Mary Kay costs $100 to start, Tupperware costs $99, and Avon, just $10 to 20. 8732 Commercial economics & educational research Millions lost their jobs and many companies shut down permanently. 3861 Photographic equipment 6035 Federally chartered savings & loans 5072 Hardware 7212 Garment pressing 5172 Petroleum products 5091 Sporting goods & supplies 4111 Local & suburban transit Whether you are building a list or looking up individual companies this tool gives you unlimited access to the entire National Database of Companies for unlimited viewing and research. 2067 Chewing gum In fact, 50 percent of small businesses fail within their first four years, according to an oft-cited statistic from the Bureau of Labor Statistics. Real estate developers or land sub-dividers. Direct sales companies like Tupperware, Avon and Mary Kay hire sales representatives to sell their merchandise and market their products. 3568 Bearings, bushings, couplings & chain drives 5947 Gift & novelty stores 2899 Chemical preparations 9999 Nonclassifiable establishments 2823 Manmade cellulose fibers So, no matter if you are in a high-risk industry, you should still use your correct NAICS code? Some lenders will not consider your loan application if your business is classified under a very high risk industry. The growing acceptance of medical marijuana is providing growers and investors with unprecedented opportunities. 1021 Copper ores 3431 Enameled iron/metal ware 3053 Gaskets & packing materials 3646 Commercial lighting fixtures Help improve the safety of people all around the world while challenging yourself and advancing your career. Additionally, your NAICS or SIC code could help determine whether or not a lender will consider you for small business financing. 86XX Membership Organizations 5093 Scrap & waste materials 5949 Sewing & needlework stores replaced the older Standard Industrial Classi cation (SIC) system. 6211 Security brokers & flotation companies 2782 Looseleaf binders, checkbooks & accounting books The lowest-risk business ideas are the ones you can start from your home. 2342 Bras & girdles NAICS codes were then used to classify business establishments within the United States as well as Canada and Mexico. industry risk premium by sic codethemathsfactor times table check Author: Author: 3674 Semiconductors 8093 Special outpatient facilities 5122 Drugs, cosmetics & toiletries Get free, unbiased financing recommendations based on your business needs from our team of Credit & Lending Experts. 3764 Space propulsion parts Allow for tracking for government statistical purposes by federal or state agencies. 3552 Textile machinery 3451 Screw machine products 7379 Computer related services Experian consider this code as "RISK INDUSTRY." Could you please let me know what will be the best SIC/NAICS code (low-risk) for our business? By 2657 Folding cardboard boxes 4141 Local bus charter service 3211 Flat glass Investment differs from arbitrage, in which profit is generated without investing capital or bearing risk.. Savings bear the (normally remote) risk that the financial provider may default.. Foreign currency savings also bear foreign exchange risk: if the currency of a savings account differs from . NAICS uses a hierarchical structure. NAICS Industry: 5-digit code. * Current Number of US Businesses within that Primary SIC Code. 2449 Wood containers, tubs & crates 7373 Computer integration & systems design 2512 Upholstered household furniture 1761 Roofing, siding & sheet metal work If you used that NAICS code in the past, you may find its hard to get permanently removed (since it was associated with your business) however you want to at least make sure the primary code associated with your business is correct. 3629 Electric power industry equipment The provided High Risk/Cash Intensive businesses by NAICS do not constitute an officially sanctioned list. 9532 Urban planning & rural development 23XX Apparel/Other Textile Products 47XX Transportation Services Or they may simply choose to lend to businesses in certain classification codes, but not others. 1531 Operative builders We teach you how to build a business that is recession-proof! 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