It is unusual for any new business to get off to a very fast start and in fact, most new businesses don’t make it. Not so with Magnises, Billy McFarland;s new venture for millennials in New York City. Magnises is created for millennials, so they have a common ground to socialize, mingle together, share ideas, and make business contacts.
There is nothing unusual about that, except McFarland added an irresistible ingredient. He fashioned a way for them to receive very attractive discounts and perks at many of their favorite restaurants, bars, clubs, events, and attractions. It is all done with an annual membership fee of just $250 and The Black Card.
The Black Card copies all of the relevant information from the member’s credit or debit card and is used to pay the bill at the restaurant, for example, while simultaneously applying the discount.
McFarland is somewhat choosey regarding whom he lets join, as evidenced by the online application that must be completed and approved by management. He is also rather picky as far as the business entities who can participate. The business must come on board as far as understanding the levels of service required, and they must buy into the program.
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Getting businesses interested has not been a problem because Magnises and the Black Card is a huge source of repetitive revenue. Formed in 2013 by Billy MacFarland, Magnises had a total membership of well over 10,000 by the close of 2015. Growth is steady, and McFarland has added an app for smartphones which scans the necessary information at the restaurant or club.
The idea is brilliant because millennials love to get together and talk about themselves, about each other, socialize and make business contacts. At this point, if an individual doesn’t have a Black Card, he or she is strongly urged to get one. After all, people are not ignorant, as the Black Card is one of the best things going on.
Magnises is doing very well, and profits are up. A new input of venture capitalist money to the tune of $3 million has not hurt the cause either. Plans for expansion are getting serious, with target cities of Boston, Chicago, Los Angeles, Atlanta and London in McFarland’s sites. See: https://www.magnises.com/faq
The demographic for the ideal population are areas where professionals, entrepreneurs, managers, garment personnel, and artists, between the ages of 21 and 35 is perfect. The financial and trendy districts of cities are where these millennials hang out, live and work. All of the target cities have millennials by the truckload live and work right where they should be, which is the attraction for expansion.
The business model works very well in New York, and it is almost a given the same result duplicates in the other locations. It is simply a matter of plugging in the proper management in these areas and offering the Black Card.
Millennials in the new areas have already heard about Magnises, due to some primary marketing campaigns, and the markets are waiting for Magnises to arrive. Chances are, McFarland is on his way to a much larger, and more profitable experience shortly.