Tell us about your business.
Kimberfire is a retail jewelry concept business based in downtown Toronto. We import diamonds directly from large diamond manufacturers and produce our own jewelry. All of this is done on a per-order basis and is specifically tailored to each customer. This ensures our clients have access to a much larger selection of diamonds than they would at traditional retail stores, at much better pricing and all while retaining a premium in-person experience.
What was your “Ah Ha” moment that made you decided to start your business.
I was an investment banker prior to starting Kimberfire and before that worked in diamond manufacturing and wholesale. I found that friends and colleagues would always ask me where they should go buy an engagement ring. They didn’t want to pay the high markups at traditional retail outlets, but were very hesitant to purchase such a valuable and important piece of diamond jewelry online. I started Kimberfire to provide the best of both worlds – the high-end product, service and in-person experience of a luxury store with selection and prices more typical of online dealers.
What was your first “big win” moment as a business owner? That moment when you said “hey I can do this!”
My last day in banking was in December of 2012 and I hit the ground running building Kimberfire. Within the first few weeks I had a sale on the books and a very appreciative client. This is when I knew that I was onto something. If one client can be so happy with the experience, why not a million?
How long have you been using QuickBooks?
QuickBooks Online has been running our business pretty much since our first invoice. We played around with some of the cloud-based competitors in the first few weeks, but then found it difficult when we needed support. There also seemed to be a number of things that were not supported by the other systems that we looked at. It made sense for us to go with a cloud solution that has strong roots in traditional accounting software, and the support offering of a large company. This is QuickBooks Online.
How has QuickBooks helped you start, run or grow your business?
We literally run our business on QuickBooks. Everything from invoicing and expense tracking, to reporting and even client list management.
QuickBooks has ensured that I know what’s going on with my business at any point in time. I feel in control – to the best that any entrepreneur can! This has allowed me to take on additional clients knowing that my working capital needs are met, and has enabled me to speak knowledgeably to prospective partners and investors regarding our performance. Also, the hours saved at tax time by easily being able to send information to my accountant is more than worth what we pay.
What is the best advice you could give to someone just starting out?
Ideas are a dime a dozen. It’s all in the execution.