About a paragraph response : please include references if you use them.

 

 

Part 1 of the feasibility study requires you to identify the NAICS code of your proposed business concept. As mentioned in this week’s learning unit, the North American Industry Classification System (NAICS) provides not only a system to classify your business but also provides valuable industry information and data, which is an invaluable tool to a startup or existing business. In this discussion thread, you will practice using the NAICS site and discuss your findings with your classmates as presented in Skill Module 7.2 (Katz & Green, p. 190).

 

What is your NAICS code?  See Katz, p.190.  Please go to the updated site:  

 

http://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2012. In the text box that says “enter keyword” enter the name of the industry that best describes the industry in which your proposed business idea is located.  You should end up with a 6 digit code for the industry in which your business will be located.  If you are not sure of your industry, it may take some experimentation.  See examples in Skill module 7.2.  

Once you locate your NAICS code, go to www.census.gov and click on “economic census.”  Once you are in “economic census” enter your NAICS code and look for data related to your industry. 

 

Find and share at least three pieces of information about your industry that are available at this cite such as number of establishments, annual revenue, trends, etc.  Also refer to Table 7.1 on page 200 for additional information and ideas.

 

For your convenience, I am also attaching a table with the NAICS structure and numbers.

 

 2012_NAICS_Structure.xls (255 KB) 

 

 

 

 

 

And respond to these two posts, can say anything/feedback:

 

1.

My instudusty falls under catagory “All Other Miscellaneous Store Retailers (except Tobacco Stores)” with the NAICS code 453998. The type of business that I will writing about its actaully the same instudusty that my own shop is in. I will be writing about a religous goods/ candle store. Something interesting that I learned is that many business may fall under more than one catagory but the one that you will be listed under by the U.S. Census Bureau assigns and maintains only one NAICS code for each establishment based on its primary activity (generally the activity that generates the most revenue for the establishment). I found this information interesting becaus I know many business that may fall under more than one code my store is a prime example!

 

Some pieces of importanion that I found was there are 17,270 establishments listed under this cataorgy in the United States in 2007. This number is actaully down 6.8% from 2002. The average number of employees per establisment is 5.1 and this number is up 5.0% from 2002. Also sales per establishment per $1000 is at 824 in 2007 and this number is up 28.0% from 2002.

 

 

 

 

2. 

All,

 

 The NAICS Code for my industry is 812111 which is barber shops. According to the U.S. Census Bureau. ” This U.S. Industry comprises establishments known as barber shops or men’s hair stylish shops primarily engaged in cutting, trimming, and styling boys’ and mens hair; and/or shaving and trimming men’s beards” (U.S. Census Bureau, 2012).

 

The first piece of information about my industry will be the number of establishments, which is 4,242 (Census Bureau, 1997). This piece of information lets me know that I have a lot of competition. The second piece of information, is that there are 13,341 paid employees (U.S. Census Bureau, 1997). This information lets me know that there is a high demand for employees. The third piece of information is the annual payroll, which is 194,254 (U.S. Census Bureau, 1997). This piece of information lets me know that not only will my employees make a significant amount of money, but I will as well.