- March 13, 2019
Five Ways to Make Money from Good Wine
Turning water into wine has already been done, but turning wine into money doesn’t take a miracle – only vision, hard work and a little luck. Wine consumption is increasing as it becomes more popular across the social spectrum and less of a niche tipple for the well-heeled. Wine imports alone amount to some $20 billion, and that of course takes no account of domestic produce. Here are just five ways in which working in wine can be a lucrative business.
Open a Wine Bar
Many find the ambiance of a wine bar more sophisticated and enjoyable than that of an everyday bar about town. An article in the influential Decanter newsletter lists some of the best such establishments in New York City as a source of information and inspiration for budding proprietors. Take a lead from those who have gone before and made a real success of it, in one of the very most discerning environments there is.
Open a Wine Shop
Different to a wine bar in that it is a take-away establishment rather than a venue for socializing and relaxing, a wine shop can be a great business to go into. Sell novelty produce as well as gift packs and “specials” like the Naked Winery pino noir gift basket or mixed wine “multi-packs” to retain the curiosity of your regular customers. As with opening a wine bar, there are licensing requirements which you will need to satisfy first.
Buy Wine as an Investment
Whilst by no means entirely risk-free, purchasing wine as an investment can be a profitable business. Good vintage produce by definition becomes more scarce as the years pass and it is always a good rule of thumb that the scarcer a commodity the greater its value to a collector. Wine purchased for investment purposes should be higher-end, and a substantial commitment of starting capital may be necessary in order to reap the benefits.
Make Wine to Sell
Wine can be made from more or less anything that is vaguely edible, and indeed from many things that aren’t. Something a little on the exotic side may well attract the interest of consumers who dare to be different. Bananas, jalapeño peppers, bubble gum, mint and leather are amongst the more unorthodox flavors out there and you are unlikely to find yourself in competition with the local supermarket if you decide to pursue options such as these. Use your imagination and corner your local market.
Recycle Wine Bottles
Okay, it’s not a strategy for getting rich any time soon but some manufacturers will pay a few cents for old wine bottles which can then be re-used – and you’ll be doing your bit for the environment at the same time! Sadly many people are lazy and are only too happy to discard their empties in the first place they can find where they can no longer be seen. Take advantage and make yourself some money.