Statistics tell us that most new businesses never get off the ground, let alone succeed in a big way. Most new enterprises are doomed to failure for a variety of reasons. Magnises is an exception to the rule, but founder, Billy McFarland has a history of startup successes.
At the age of 13, he started a business that found clients for a local business in his town. While he was a freshman at Bucknell University, he began a company called Spling, a company that transformed a company’s URL into a graphic design. More visibility gives pizzaz to a company’s brand and helps to publicize both the company and its products. McFarland is still the CEO of Spling with clients such as Discovery and Universal.
At age 23 in 2013, McFarland started Magnises, a venue that is designed to bring millennials together socially and for business purposes. By paying an annual membership fee of $250, members can enjoy very attractive discounts and perks at some of their favorite restaurants, clubs, bars, events, and other haunts. It is all accomplished with The Black Card.
The Black Card copies all of the member’s information from his or her credit or debit card onto the magnetic strip of the Black Card. The Black Card pays the bill, and the discounts are automatically applied. Truly a stroke of genius because the Black Card has become a status symbol among the millennials who are using it like gangbusters. Source: https://www.instagram.com/magnises/
Millennials love to get together to socialize, trade ideas and make business contacts. If an individual owns a Black Card, he or she is in on the news and scuttlebutt. It is easy to be accepted because most of the people in the group share the same experience – they are a member of Magnises and own a Black Card. McFarland recently installed an app that serves the same purpose as transactions scan from a smartphone.
The growth of Magnises has been phenomenal as noted that at the end of 2015 there were over 10,000 members. The demographic targets young professionals, marketers, garment industry executives, artists, and entrepreneurs between the ages of 21 and 35. Word of mouth is the primary marketing secret, and it tends to occur very fast.
Read more: Magnises unrolls new lifestyle perks
McFarland claims that only a small fraction of the New York City market has come aboard, but that is rapidly changing. A recent influx of $3 million from a venture capitalist has McFarland thinking about expanding to other cities. Targets are Boston, Atlanta, Los Angeles, Chicago and London.
The business plan is intact and workable anywhere where millennials live and work. This crowd tends to want to live and work in the trendy metro districts where the action is. The financial districts of larger cities are where they work and play, and the business model is geared exactly to that.
The time is ripe, and McFarland and his management team are ready, and why not. Other cities have heard about Magnises, and they are anxious to have the benefits soon. That is just what Billy McFarland is counting on, and surely more success will be the result.