What Industry Are You In?
The first step in conducting an industry analysis is determining what industry you are in. It may seem straightforward; if you have a laundry, for instance, you might assume that you are in the cleaning industry—and that would be, in part, correct. However, you may be surprised to know that the government has actually categorized all businesses into a series of very specific industry segments.
SIC and NAICS Codes
For many years the Standard Industrial Classification (SIC) system was used to categorize businesses into industry segments. That system was replaced by the North American Industry Classification System (NAICS). This change actually increased the number of classifications formerly available but is said to ...