Magnises, A Business Built For the Time
The great author and motivational speaker, Napoleon Hill said that to be successful, one must find a need, and then fill it. That is what Billy McFarland has one with is 2013 business startup, Magnises. Designed to be a millennial’s dream, Magnises is a venue for New York City millennials to meet, share ideas, socialize, talk shop and make business contacts.
McFarland came up with a stunning ingredient for his business, called the Black Card. For a very reasonable annual membership fee of $250, Magnises Black Card allows members to receive attractive discounts and perks from favorite clubs, bars, restaurants, events, and other attractions.
The Black Card copies all of the necessary information from a member’s debit or credit card and stores in on the Black Card’s magnetic strip. The Black Card pays the bill at the restaurant, for example, and immediately applies the discount.
Magnises was an immediate hit, and by the end of 2015, the membership totaled well over 10,000. McFarland is a bit discriminating as far as who can become a member, as there is an online application that must be completed and approved by management. Prospective business affiliates are screened closely as well, for McFarland feels that a company needs to understand the service levels required and the business needs to buy in for the long haul.
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McFarland has not had much trouble in finding willing participating companies because it is a significant profit source, especially since more and more millennials are signing up. The Magnises Black Card is already a status symbol of sorts, and if anyone in a group is without the Black Card, they are quickly urged to get with the program.
McFarland is not a stranger to business startup success. At age 13 he began a successful business finding clients for a local business. While a freshman in college at Bucknell University, he started a company called Spling, where he is still the CEO today. Spling transforms the URL of a company’s website into a graphic, giving it more visibility and can reach. Spling has customers such as Discovery and Universal.
Magnises is the big player as a venture capitalist recently invested $3 million in McFarland’s venture. With this new money, talk is all about expansion. Boston, Chicago, Atlanta, Los Angeles and London are square in the sights of McFarland’s plans. Targeting young professionals, entrepreneurs, garment executives and artists, from age 21 to 35 flock to the venue which is perfect for them and what they do.
The financial districts and the surrounding territory is a prime area for millennials in New York City and all of the other target cities. Large groups of young professionals always want to live and work in these regions.
McFarland is encouraged by preliminary advertising in other cities, and he sees the potential. The business plan works and is duplicatable, so the conclusion is that profits will continue to grow. All that needs to be done it send appropriate management, and the result will take care of itself, for sure.