Not a lot of people know about this kind of business, which makes it quite a lucrative market in which to serve! Often people work with one of these companies without realizing it, but if you know about all the avenues a complementary business can take, you can work easily off of new developments. The main difference between a side business and a complementary business is that side businesses are hustles you run to make yourself some more money on the edge of your main source of income, and are incredibly useful and fun to run.
However, a complementary business is a company that sells products or offers a service that go hand-in-hand with something else on the market. As demand for that product goes up, so does demand for your product. If this sounds like something you could get into, as often the success rides along on the tails of the original product, try out a few of the models below. You can make or break it into big business depending on the quality of what you offer and how well you beat the competition.
Create Phone Accessories and Merchandise
Phones are an asset almost everyone has these days, so you know you can make good money here if you sell off accessories to be used with them. Phone skins, widgets, styluses, stickers, car holders and the rest, are all things you can see modern phone users utilizing in their daily lives.
Think about how versatile you could be with your products when running this kind of business (often from home). For example, you can also offer to customize products for people, as this can work out cheaper and be a lot more personal to a customer than just buying a standard item from a chain store. You could be a good Christmas business, perfect for this kind of year and all year round!
Offer Storage Solutions
This is quite a large and quickly-moving sector in business, so you’ll be up against a lot of competition when you start. However, you can build a reputation with your good service and prove your value. Similarly, offering a service for other businesses to use directly means you can make a killing out of their need for you, especially if you’re more local than anywhere else. Startups and small businesses often have a surplus of assets that they can’t fit into their offices or on the shop floor. This is where you could come in.
No one wants to throw away something they specifically spent money on to use. You can offer an opportunity to keep these pieces stored away until they are needed. It’s cheaper for the business owner in the long run, as they don’t’ have to fork out for more and only pay the upkeep of the storage they’re using, and you can pull in a lot of money the longer it goes on.
You’ll need quite a few units and a good location to start with, usually a place that has a lot of traffic for you to be exposed to. For more advice on this, you can click here for a good example of how to use a storage facility business in a prime location, and even explore the center yourself.
If you have a good sense of people management around you, or have a business degree up your sleeve, you can set up events for companies or media figures to use and attend. Or you can stay local and set up events for anyone in your area to attend – whether it be for business or casual purposes.
You can run your business model anyway you want when you have events to plan. Make it exclusive with tickets on sale and you’ve got even more interest on top of that. Then remind people that tickets are running out to give them a sense of urgency. Using tricks like this can take you far in a complementary business. If the tickets are cheap, people will have more incentive to spend when they’re inside, so give them that opportunity.
You can advertise far and wide, often with posters and flyers in local shops. If you’re in a tourist area, this is a great way to partake in the main export of your town. Plus, it gives everyone a good time as well!
Learn to Become a Webmaster
It’s a skill for an adaptable lifetime these days. Seeing as we live in a digital age, businesses have their own websites or are looking to develop their own. If you’ve always been good with technology, or you’ve worked hard for an IT degree, put it to good effect here by servicing clients on your own time and specifications.
There’s a lot you can do with webmaster skills. You can build websites for people, often earning over $10000 at a time, when a company wants it done properly. You could move into creating logos and digital art, which is always popular among the online community. You can gain quite a bit of notoriety across social media. Think about it. You set out to run a business and now you have a fully involved online following.
Running your own business can get quite hefty to keep up with, and often we underestimate how to do so. But with a complementary business, half of the work is done for you. We share in an ecosystem of business. Make it large, loud and show what you can offer people with your base and complimentary products.