One would believe that no one person has a monopoly on good ideas, but the ideas of Billy McFarland might defy that sort of logic. Experts tell us that 9 out of ten new business starts will fail within one year of operation. McFarland’s experience would be the opposite, in that 9 out of 10 of the businesses he starts will succeed.
According to CNBC, when Billy McFarland was just 13, he started a successful company that located customers for a local business. While just a freshman computer student at Bucknell University, he started Spling, still ongoing with McFarland as the CEO. Spling transforms the URL of a company into a graphic so it can be used for marketing purposes to help develop the brand. Clients such as Warner, Discovery, Universal, and Hearst still think it’s a good idea.
Billy McFarland’s most recent venture, Magnises started in 2013, while McFarland was still in his early twenties, may be his most successful creation of all. Catering to millennials, Magness gives members who pay a modest annual membership fee of $250, receives substantial discounts and perks at their favorite haunts. Restaurants, bars, clubs, events, travel venues, concerts, and special occasions have lined up to participate, and the idea has been a big hit.
At the close of 2015, over 10,000 members have come aboard, and there is no sign of the growth stopping either, as millennials throng to the front of the queue to signup. The key to it all is found in the “Black Card” which comes with membership. The Black Card copies the data from the member’s credit or debit card, which is then used to pay the bill at participating businesses. The discount is also applied at that moment.
Millennials love to congregate to brag about their exploits, socialize and to make new business contacts. Magnises is a great way for them to make that happen, as evidenced by the rapid growth in the current locations of New York City and Washington D.C.
McFarland would like to expand to other cities where there are more millennials. Boston, Atlanta, Chicago, Los Angeles and London are targets. It is simple, McFarland claims. The market is available: it is just a matter of time in getting there.