Industry and Market Analysis

897 WordsNov 6, 20124 Pages
Industry and Market Analysis Stay Ready Make Ready Specialists would be filed under the NAICS 238320 industry classification. The NAICS (North American Industry Classification System) is a system used by the United States Census Bureau to label and track trends of all American industries. Specifically, NAICS 238320 is all companies that would be classified as, “Painting and Wall Covering Contractors.” This industry has had a rough go over the last fifteen years. Currently the industry is declining at a rate of about 4.4% and its average employee (Kansas) makes around $11.32 an hour, or $23,500 dollars a year. From a first glance these figures would be discouraging to someone that was looking to start a business in this industry. Even though 238320 is refers to a specific sector of the construction industry, it is still a broad reference point. When an industry, specifically the one you are in, is in decline, it is important for business owners and executives to adapt to the changing demands of their consumers. According to the Bureau of Labor Statistics, while the value of the industry is in decline, its workforce is on the rise. It is hard to get an accurate measure on how many businesses like mine are in the KC metro. Between sole proprietors and individuals operating illegally, an accurate figure is hard to determine. According to the 2010 National Census, there were 288 companies in the KC metro area that provided residential painting as a service. Since the 4.4% annual decline is a national trend, it is safe to assume that there are around 250 other companies that offer similar services as mine. The key word there is services. I searched all of the chamber of commerce registries in the metro area and did not find any other companies whose name indicated that they only dealt with make-readies. With that said, it is safe to assume that there are very few

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