How to determine a right industry sector for a business?

rsentprsentp Posts: 2subscriber
edited January 2007 in Business Planning
Hi,
For a new business, how do we determine which industry sector the business is in?  Any rule of thumb?
For example, if a business is providing a massage as well as providing snakes/beverage, which industry sector is this business in?  Food industry or recreation industry? 
Any good rule to follow?  How would this impact a business?
Thank you your help in advance.
rsentp

Comments

  • stonesledgestonesledge Posts: 8subscriber
    Ask yourself what is my core service? Go from there, add on`s could make you unique. What is your target market? It is important to know what your business vision is, who your company is, what exactly you offer. Do you have a business plan? What is your executive statement? What is your mission? I think if you sit and write out a business plan, this will answer your questions. You should create an outline of your business and what it is, what it offers, who you will target, who you will market to...also who you will partner with...network..if for instance it is the massage/snack beverage business, then will you network with cafe`s or day spas? This may help answer your question. There are some great business plan software programs that may help you walk through this. Good Luck:)
  • rsentprsentp Posts: 2subscriber
    Thanks for the suggestions.
    If one business is registered as a recreation industry, does it prevent the business from selling food?  Or this is just a matter of getting a proper license, inspection, etc. regarldess which industry a company is belonging/registered to?
    Thank you!
    rsentp
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