Billy McFarland is a unique young man in that he has formed and sold three businesses at a very early age and his latest venture, Magnises is taking hold across the United States with the objective of going internationally.
Magnises is a platform that has been formed for millennials who work and live in an urban setting with the opportunity to use Magnises to meet, connect and get to know others similar to themselves. It is an ideal setting because members get significant discounts at some of their favorite restaurants, clubs, bars, business perks, travel venues, concerts and special events.
For an annual fee of just $250, a member gets the Magnises Card, or “Black Card” as it is called. All of the member’s information is copied onto the magnetic strip of the Black Card, which is used to pay the bill at the member business while applying the discount automatically.
Millennials love to meet to swap stories, brag on themselves and make business contacts. Why not take advantage of the discounts as well. It is a no-brainer. The Black Card has become a status symbol in New York City and Washington D.C., the two major areas where Magnises is located.
The target is a demographic of young professionals, entrepreneurs, managers of IT and the garment industry, and others who are moving up in their fields between the ages of 21 and 35. These folks are socially mobile and very interested in the connection power that Magnises brings.
McFarland is very interested in the expansion of Magnises too, because what works in New York City and Washington D.C. should work well in many other metro areas where the millennials work and live. Initial targets include Boston, Atlanta, Chicago, Los Angeles and London.
A recent infusion of cash to the tune of $3 million has not hurt the cause either. The business model is an excellent one, and McFarland has hired good management to compliment his good qualities, and they have impressive past business experience in their own right.