LibGuides: Business Planning (MGMT-407): Start here

Welcome

Welcome to the Business Planning Guide

In this guide, you will find information about the library and using academic resources for your coursework and business plan. But before diving into resources and information for your business plan, it is important to first define your business industry.

1. What kind of business are you looking to open?

Once you have chosen your business type, the next step is to identify the appropriate industry code. For this class, we will be using the NAICS Code (North American Industry Classification System Code). This code helps categorize your business within its respective industry. For example, if you were planning to open a small bakery specializing in frozen desserts, your NAICS Code would be 311813.

With your industry code in hand, the next step is to consider the location of your business:

2. Where would you like to set up your shop (city/ town/zip code)?

Now that you have both the NAICS Code and location, you are ready to begin gathering the resources and information you will need to craft your business plan.

Industry Code

Industry Classification

The North American Industry Classification System (NAICS) is the primary classification system used in the U.S.

Click here to find the NACIS code for your industry.

NAICS Code changes The North American Industry Classification System (NAICS) was recently updated. This page explains the rationale behind and implications of those changes.
Understanding NAICS Codes This guide, from IBIS World, describes the purpose and uses of NAICS codes.

Examples of Food Businesses

Beer, Wine, and Liquor Retailers
Catering Food Services
Food Services Contractors (e.g., hospitals, schools)
Food Trucks
Personal Services
Winery

Important Terms

Private Company – Owned by individuals, families, or partners. Reporting is limited, often making it difficult to find detailed information.

Public Company – A company that offers shares of stock to the public, regulated by the SEC. Public companies must file reports, which are available to the public. For more details, visit the SEC website.

Subsidiary – A company owned, in whole or part, by another company. Researching both the subsidiary and parent company can provide additional insights.

NAICS Code – A six-digit code used to identify industries, gradually replacing the SIC system. NAICS codes help categorize company activities and industry data. For more information and to search codes, visit the NAICS Association or the U.S. Census Bureau.

SIC Code – A four-digit code used to identify industries, now largely replaced by NAICS codes. For SIC code information, visit the OSHA’s SIC search.

adapted from BRASS - RUSA's Business Reference and Services Section