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What Is the NAICS Code for My Business? | Find Your Code Easily with IBISWorld

Do you find yourself wondering about the NAICS code for your business? Look no further! In this article, we will guide you on how to determine the correct NAICS code for your business effortlessly. With...

Do you find yourself wondering about the NAICS code for your business? Look no further! In this article, we will guide you on how to determine the correct NAICS code for your business effortlessly. With the help of IBISWorld, finding your NAICS code, industry, or product or service has never been easier.

Understanding NAICS and its Significance

The North American Industry Classification System (NAICS) is a classification system used by Canada, Mexico, and the United States to categorize businesses based on their economic activities. It provides a standardized way for establishments to identify their NAICS code so that accurate industry data can be collected and analyzed.

Self-Assignment of NAICS Codes

Unlike other codes or classifications, NAICS codes are self-assigned by businesses. There is no central agency that assigns or approves a NAICS code for establishments. This means that businesses have the flexibility to choose the most appropriate code that aligns with their primary business activity.

To make the process even more convenient, IBISWorld offers a user-friendly NAICS Lookup Tool. You can simply enter relevant keywords related to your business, and the tool will provide a list of potential NAICS codes.

NAICS Lookup Tool

Finding Your NAICS Code

To determine the correct NAICS code for your business, follow these steps:

Step 1: Identify Your Primary Business Activity

Consider the primary business activity and revenue-producing lines of your business. While it's possible for a business to have multiple codes, choose the NAICS code that closely represents your primary business activity.

Factors such as revenue, value of shipments, and relative share of production costs and capital investments can help you determine your primary business activity.

Step 2: Use the IBISWorld NAICS Lookup Tool

Utilize the power of the IBISWorld NAICS Lookup Tool. Keep your keywords simple and relevant to your business. Using a single keyword usually yields better results than multiple words.

Here are some helpful tips:

  • If you sell products online, your NAICS code is likely 454110 - Electronic Shopping and Mail-Order Houses.
  • If you sell products in person at informal locations, such as conventions or outdoor markets, your NAICS code is 454390 - Other Direct Selling Establishments.
  • When searching for keywords, try singular and plural terms. For example, if "dentist" doesn't provide accurate results, try searching for "dentists."
  • If you import or export goods, you are most likely a Merchant Wholesaler.
  • If you sell commercial products, you are considered a wholesaler in the NAICS system.

Once you have a list of potential NAICS codes, narrow down your options by selecting the code that best describes your business. Click on the NAICS code to access an overview of the industry and the types of businesses it includes. If it closely represents your business, you've found the correct NAICS code!

Can You Change Your Company's NAICS Code?

Changing a company's NAICS code depends on the agency that assigned it. There is no central register for official NAICS classification. Federal agencies may maintain directories of establishments with their respective NAICS based on surveys and administrative records.

To change your NAICS code, you should contact the agency that assigned it to your business directly.

Benefit from IBISWorld Industry Research

IBISWorld provides in-depth industry research and analysis at both the five- and six-digit NAICS levels. With over 1,300 US Industry Reports, 400+ Canada Industry Reports, and 100+ Mexico Industry Reports, you can gain valuable insights to make smarter and faster business decisions.

Discover how a subscription to IBISWorld can help your business thrive with accurate and up-to-date industry information.

Subscribe to IBISWorld now and unlock the power of knowledge for your success!

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