Success at a young age has been a great incentive for Billy McFarland. At age 13, he started his own business which developed customers for a local business. As a freshman computer engineering student at Bucknell University, he founded Spling, which is a company that transforms the URL of a business into graphic design. This helps to brand the business while creating an attractive logo.
In 2013, while still in his twenties, McFarland started Magnises, which is a way for millennials to take advantage of rather significant discounts at many of their favorite clubs, bars, restaurants, events, venues, and get-togethers. Millennials like to congregate together to talk shop, exchange ideas and make business contacts, and this just gives them an added incentive.
For a modest $250 annual membership fee, Magnises issues the “Black Card” to each member. Here the member’s credit or debit card data is copied onto the Black Card, which is then used for payment to the various member businesses while applying the discount automatically.
Special events such as a Hudson River Cruise with dinner and drinks and a special screening of the newest Tesla automobiles are examples of the fun events that occur on a regular basis.
More and more businesses are coming aboard all the time, and by the end of 2015, Magnises had over 10,000 members and counting. Members are screened by an online application form which is then approved by management. Billy McFarland is somewhat picky regarding member businesses signing up as he wants the company to buy into the overall concept of a reasonable discount for services and excellent treatment of members.
It is not unusual for a member to receive a complimentary bottle of wine at dinner, or preferential seating at an event.
A recent investment of $3 million by a venture capitalist is another good indicator of the confidence the community has in Billy McFarland. Expansion is now a reality with the possibilities of Boston, Chicago, Atlanta, Los Angeles and London becoming future sites.
According to Crunchbase, Billy McFarland has perfected the business model in New York City, and there is no reason to doubt that the same plan will work elsewhere. The time is now as far as duplication of the Magnises concept and McFarland is ready to try.