Anyone can have dreams, but the individual who can transform dreams into reality is priceless. According to Business Insider, This is what Billy McFarland has been able to do his entire young life. At the age of 23, in New York City in 2013, he has birthed Magnises, a company that caters to millennials and their habits.
For a modest annual fee of $250, millennials can tap into robust discounts and perks available through Magnises at many of their favorite haunts. Restaurants, clubs, bars, meeting places, events, travel opportunities, and special events are all included. Millennials are loosely defined as being between the ages of 21 and 35, and McFarland wants to target young professionals, entrepreneurs, and managers from within that category.
The concept has worked remarkedly well as evidenced by membership topping well over 10,000 by the close of 2015. Millennials love to get together to socialize, swap stories, brag about themselves and get business contacts. What better way to accomplish all of that, but to get a discount and special treatment. It is not out of the ordinary to receive special treatment at events, such as special seating or a complimentary bottle of good wine at a restaurant.
Membership is not automatic, as there is an online application for that must be completed and the approved by management. Member businesses must also agree to buy into the concept of offering extra special service to members. This is not hard to do, as a member company will usually experience a good jump in revenue from the millennials visiting their business on a regular basis.
The future looks bright, especially with a recent investment in the company by a local venture capitalist to the tune of $3 million. This has McFarland thinking about expansion. Other cities on the possible list include Boston, Atlanta, Chicago, Los Angeles and London.
McFarland is very sure of his business model, and if it works in New Your City, it will work in other similar places. Millennials live and work in areas much like Times Square and the financial districts of most major cities.