Angie Hicks started Angie's List in 1996 as a call service to help consumers find quality home improvement companies.
The business has since expanded into providing reviews for hundreds of service providers, from accounting to childcare to tanning salons. This expansion didn't take place overnight, however. It was only three years ago that Angie's List added a health care category for reviews.
During a conversation with Young Entrepreneur Council founder Scott Gerber, Hicks talked about the decision to expand into health care more than a decade after founding her business.
"We could have done that earlier in the business, but it might have distracted us from what we were trying to accomplish back then," Hicks said. "By waiting, it still is valuable to the consumers, but at a point where the business was ready to expand."
While diversifying your product offerings is key, it's also important to remain focused on the very things that helped you grow in the first place.
"The core business is to continue to expand our existing markets," Hicks said. "When we look at our penetration in our markets across the country, they're at varying degrees, so there is plenty of opportunity for us to expand our member penetration and therefore the service provider revenue that goes along [with that].
So what's the next growth opportunity for Angie's List?
"The first 18 years of the business has been focused on helping consumers find the right company," she said. "I think there's still opportunity for us to help once they find the company to actually get the transaction completed."
For more tips about expanding your business, watch the video below.
Angie Hicks on Customer Loyalty
The founder of Angie's List talks to Scott Gerber about building a well-known reviews site from scratch.