What are some examples of low risk NAICS categories? Is consulting, education or management low risk? I do all 3, and I’m not sure which is the lowest risk for classification. I appreciate your advice and guidance!
Thank you for watching Johnny. You won't need to look for low risk NAICS instead you check if your code is under the high risk industries. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business. If you have more questions you can call us at 877-600-2487 or schedule a free consult at utm.io/unji
Hello, great material! Re: using 522310 Mortgage & Non- Mortgages brokers NAIC (SIC 6163) for doing Business Funding and MCAs -not Mortgages ( "unlicensed"), while I don't see that in the risk category I thought it might. 2 questions thanks: 1 any reason to consider it something like software if a website or app plays part? 2 any reason not to have the word "capital" or "loans" in the business name or url? Thanks!
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
Thank you for watching our video Michael. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
@@jufbaby2 no. Cost of a box truck vehicle approved by Amazon was too great. Instead I got into Real Estate and flipping houses. Naics code of Property Management. Honestly, inflation, interest rates, and overall recession is ruining my projected profits. What I'm losing in money, I'm gaining in experience.
@@mike76006 thank you for the response. I’m doing the box truck business for self not Amazon… so I’m hoping to just secure loads and do my own thing. This naics code is what’s bothering me bc trucking is considered high risk. 🤦🏽
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
Thank you for watching. Yes it business entity requires you to choose the correct NAICS code. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
Thank you for watching this video Ashley. This might help. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business. Hope this helps.
@@shawnfreeman5666 Its on the list under Financial Transaction. Just holding real estate isn’t a business. When you make a transaction on it, then it is.
Thank you for your comment. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
TY, thank you again for these great videos. I am going to be strictly gunsmithing (firearm repair) in my business. No firearm or ammo sales or manufacturing at all just gunsmithing. My NAICS is 811490. My concern is that because it is firearm related, it is not outside the realm of reality that an underwriter could be personally and politically biased against the firearm industry, even if it is just for repairs only. Is there any way to deal with that? Have you ever seen or heard of anything like that in your years of finance experience?
Thank you for watching our video Lee. From what we have seen a Gunsmith is a restricted industry as outlined by the ATF: www.atf.gov/file/82791/download. Unfortunately this means that the bigger more commercialized banks will not loan to your industry - but there may be options for smaller local banks.
@@CreditSuite Thank you for the reply. I have studied this document in great detail during my gunsmithing certifications and nowhere is it found that gunsmithing is a restricted industry per the ATF. This document outlines the differences in definition and what is currently allowed by a gunsmith that used to be determined as processes and procedures strictly for manufactures. Again, I don't sell or manufacture firearms or ammunition but based on your statement of experience, it would seem that financial institutions are biased against anything related to the industry. So much for the American dream.
Thank you for your comment Jonathan. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business.
Honestly I didn’t see anything that said Dump Trucking however the trucking business is considered to be high risk. How do I shake that? I called you guys yesterday and let you all told me nothing
Thank you for watching our video Tony. This was actually a recording of one of our livestreams and usually our live streams are 30-1hr long. But here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted. 1) Search for your business type at www.naics.com/search/ 2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf This is the easiest way to make sure you are properly classifying your business. Hope this helps.
This was a masterful breakdown. Thank you so much for this!
You're welcome, if you're new to our channel make sure to subscribe for more great content.
why doesn't this shit have millions of views? great video!!
Thank you, we appreciate that. Maybe you can help us reach more people by sharing this video? Thank you! ❤️
Thank you. Subscribed
Thank you!
Automotive transmission repair is high risk because it's very difficult to find employees for that industry. Boom!
What are some examples of low risk NAICS categories? Is consulting, education or management low risk? I do all 3, and I’m not sure which is the lowest risk for classification. I appreciate your advice and guidance!
Thank you for watching Johnny. You won't need to look for low risk NAICS instead you check if your code is under the high risk industries. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business. If you have more questions you can call us at 877-600-2487 or schedule a free consult at utm.io/unji
@@CreditSuite thank you for the detailed response. Much appreciated!
Hello, great material! Re: using 522310 Mortgage & Non- Mortgages brokers NAIC (SIC 6163) for doing Business Funding and MCAs -not Mortgages ( "unlicensed"), while I don't see that in the risk category I thought it might.
2 questions thanks: 1 any reason to consider it something like software if a website or app plays part?
2 any reason not to have the word "capital" or "loans" in the business name or url?
Thanks!
Thanks for making this video
It's our pleasure and make sure you're subscribe for more great content!
Great content, Ty, thank you!
You're welcome Josh! Make sure you're subscribe to our channel for more great content like this one. 😉
Most informative video. Thank you
Glad you think so, for more informative content about business credit & financing, make sure you are subscribe to our channel.
Another excellent video from Ty Crandall! Thank you!
I have an LLC for my Life Coaching business. Is there a SIC and NAICS code you would recommend?
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
The best information!!
Thank you we appreciate that!
I was thinking about starting a box truck business and handling domestic shipping for Amazon. Would that be too risky to get a business loan?
Thank you for watching our video Michael. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
@MICHAEL WILLIAMS me too!!!! Did u ever get into the box truck business? What code did u decide on to avoid being flagged as high risk?!?
@@jufbaby2 no. Cost of a box truck vehicle approved by Amazon was too great. Instead I got into Real Estate and flipping houses. Naics code of Property Management. Honestly, inflation, interest rates, and overall recession is ruining my projected profits. What I'm losing in money, I'm gaining in experience.
@@mike76006 thank you for the response. I’m doing the box truck business for self not Amazon… so I’m hoping to just secure loads and do my own thing. This naics code is what’s bothering me bc trucking is considered high risk. 🤦🏽
I don't think that a company that acquires your startup as a software company is going to consider your Naics code.
We're not sure what you are referring to with your comment. 🤔
What about CZcams? Would CZcamsrs be considered a high risk or low risk industry?
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
Whats a goof funding code for ATM's
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
Does LLC require Naics
Thank you for watching. Yes it business entity requires you to choose the correct NAICS code.
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
Having trouble deciding a code since vending machines operators are considered high risk
Thank you for watching this video Ashley. This might help.
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
so if you’re a real estate investor. meaning you buy and hold properties and rent them out.. what NAICS code should you go after?
Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business. Hope this helps.
@@CreditSuite thank you very much!
@@CreditSuite this method doesn't help for buy and hold realestate because most investment industry's are high risk which isn't on the list
@@shawnfreeman5666 Its on the list under Financial Transaction. Just holding real estate isn’t a business. When you make a transaction on it, then it is.
If i'm building tiny homes What would be my NAICS?
Thank you for your comment. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
TY, thank you again for these great videos.
I am going to be strictly gunsmithing (firearm repair) in my business. No firearm or ammo sales or manufacturing at all just gunsmithing. My NAICS is 811490. My concern is that because it is firearm related, it is not outside the realm of reality that an underwriter could be personally and politically biased against the firearm industry, even if it is just for repairs only. Is there any way to deal with that? Have you ever seen or heard of anything like that in your years of finance experience?
Thank you for watching our video Lee. From what we have seen a Gunsmith is a restricted industry as outlined by the ATF: www.atf.gov/file/82791/download. Unfortunately this means that the bigger more commercialized banks will not loan to your industry - but there may be options for smaller local banks.
@@CreditSuite Thank you for the reply. I have studied this document in great detail during my gunsmithing certifications and nowhere is it found that gunsmithing is a restricted industry per the ATF. This document outlines the differences in definition and what is currently allowed by a gunsmith that used to be determined as processes and procedures strictly for manufactures. Again, I don't sell or manufacture firearms or ammunition but based on your statement of experience, it would seem that financial institutions are biased against anything related to the industry. So much for the American dream.
What about dump trucking
Thank you for your comment Jonathan. Here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business.
Honestly I didn’t see anything that said Dump Trucking however the trucking business is considered to be high risk. How do I shake that? I called you guys yesterday and let you all told me nothing
Is it just long haul trucking that is high risk or is all the relates to transportation is high risk
Can you change your NAICS code? If so how?
Thank you for watching. You may visit this site: www.naics.com/hrf_faq/how-can-i-have-my-companys-naics-code-changed/
Long winded for little information...
Thank you for watching our video Tony. This was actually a recording of one of our livestreams and usually our live streams are 30-1hr long. But here is how to check the NAICS codes to make sure your business isn't being categorized as High Risk or Restricted.
1) Search for your business type at www.naics.com/search/
2) In a separate tab cross reference the NAICS code with their list of High Risk and Restricted codes at r7j8i9x2.rocketcdn.me/wp-content/uploads/2014/10/NAICS-ASSOCIATION-High-Risk-and-Cash-Intensive-NAICS-Codes-List.pdf
This is the easiest way to make sure you are properly classifying your business. Hope this helps.