Brief introductions to spin crossover (SCO), single molecule magnetism (SMM) and single chain magnetism (SCM) are provided. Each section is illustrated by selected examples that have contributed significantly to the development of these fields, including recent efforts to produce materials (films, attachment to surfaces etc.). The advantages and disadvantages of each class of magnetically interesting compound are considered, along with the key challenges that remain to be overcome before such compounds can be used commercially as nanocomponents. This invited perspective article is intended to be easily comprehensible to non-specialists in the field.