When it comes to starting a business, there are probably a few checklist items that you’ve never even thought about. One of those things is probably identifying your business’s NAICS code.
While it’s not the be-all end-all of starting a business, identifying this code could come in handy when performing competitor research for your business plan. It can also play an important role if you’re looking for government financial assistance.
But what exactly is NAICS and why does it matter? Here’s what you need to know: