Find your NAICS code, then the financing that fits

A NAICS code is a six digit number that describes what a business does. NAICS stands for the North American Industry Classification System, the standard that federal agencies in the United States, Canada and Mexico use to group businesses by their main economic activity. For example, 722511 is Full-Service Restaurants and 484121 is long distance truckload trucking. Government agencies use the code for statistics and contracting, the IRS uses a version of it on tax returns, and lenders and insurers use it to judge industry risk.

NAICS is an industry classification code, while NAIC is the National Association of Insurance Commissioners, the organization of state insurance regulators. A NAIC number is a five digit code that identifies a specific insurance company, often printed on insurance cards and certificates. A NAICS code describes a type of business, such as 524210 for Insurance Agencies and Brokerages. If a form asks for your insurer's NAIC number, look on your policy, not in the NAICS list.

NAICS is the North American Industry Classification System, the official way the United States, Canada and Mexico classify businesses by industry. It was adopted in 1997 to replace the older Standard Industrial Classification (SIC) system and is revised every five years, most recently in 2022. The system sorts every kind of business activity into 20 sectors and 1,012 detailed six digit US industries. The Census Bureau, the Bureau of Labor Statistics, the SBA, the IRS and many private companies all rely on it.

NAICS codes are the numbers in the North American Industry Classification System that identify industries. They run from two digits for a broad sector, such as 62 for Health Care and Social Assistance, down to six digits for a specific industry, such as 621210 for Offices of Dentists. The 2022 edition has 20 sectors, 96 subsectors, 308 industry groups, 692 five digit industries and 1,012 six digit US industries. Businesses use the six digit code that best matches their main source of revenue.

The NAICS code for real estate depends on your role. Agents and brokers use 531210 Offices of Real Estate Agents and Brokers. Investors who own and rent out property use 531110 for residential or 531120 for commercial buildings. Property managers use 531311 Residential Property Managers or 531312 Nonresidential Property Managers. Appraisers and other real estate services use 531320 or 531390, and investors who build homes to sell use 236117 New Housing For-Sale Builders.

Ecommerce businesses use the retail code for the products they sell. NAICS 2022 removed 454110 Electronic Shopping and Mail-Order Houses, so online stores are now classified like physical stores. An online clothing shop uses 458110 Clothing and Clothing Accessories Retailers, a toy store uses 459120 Hobby, Toy, and Game Retailers, and a store selling a broad mix of products uses 455219 All Other General Merchandise Retailers. Sellers of goods to other businesses use wholesale codes in sector 42.

The main NAICS codes for trucking are 484110 General Freight Trucking, Local; 484121 General Freight Trucking, Long-Distance, Truckload; and 484122 General Freight Trucking, Long-Distance, Less Than Truckload. Specialized haulers of goods like bulk liquids, cars or oversize loads use 484220 for local or 484230 for long distance, and household movers use 484210. Choose general or specialized by what you haul, and local or long distance by whether most trips stay within one metro area.

The most common NAICS code for consulting is 541611 Administrative Management and General Management Consulting Services. Specialized consultants use a more specific 5416 code: 541612 for human resources, 541613 for marketing, 541614 for logistics and supply chain, 541618 for other management consulting and 541690 for scientific and technical consulting such as environmental or energy advice. IT consultants use 541512 Computer Systems Design Services. Choose the code matching the advice clients pay you for most.