Get Business Classification

On the basis of size, industries are usually classified into 3 types, which include: Small- scale industries, Medium scale industries, and large-scale industries. Small-scale industries are small businesses that are run directly by families or by small groups of people.

Businesses are classified broadly into industry and commerce. The industry business classification is further divided into primary sector, secondary sector, and tertiary sector. The primary sector is involved in the extraction and exchange of natural resources to make profits.

A Micro Business typically has one to five employees and an annual turnover of less than $2 million. A Small Business you may have six to 10 employees and a turnover of between $1 million to $3 million. A Medium Business may have more than 11 employees and more than $3 million in turnover.

Midsized companies are just that, medium in size. Not quite small but smaller than the larger organizations. These are generally categorized by revenue between $10 million to $1 billion and 50-250 employees.

It defines small business by firm revenue (ranging from $1 million to over $40 million) and by employment (from 100 to over 1,500 employees). For example, ing to the SBA definition, a roofing contractor is defined as a small business if it has annual revenues of $16.5 million or less.