Are you passionate about wines and you are seeking ways to make money off this passion? Then below are the top ten business ideas in the wine industry.
Bring in some good food, throw in some light conversation and then a bottle of fine wine. There it is; you have the perfect gathering. Wines have been around for ages and it doesn’t look like they are going to disappear anytime soon. Instead, they have continued to evolve with different flavors, tastes and methods of packaging coming out regularly.
Wine business is very lucrative and the good thing about it is that the wine industry is not too choked up. Maybe because many people are not aware of how lucrative wine business is or maybe because a lot of people see the business as a tough one, one that has you dealing with the authorities and obtaining licenses and permission regularly.
Either way, the wine industry has continued to grow with the wine importation industry alone worth well over $20 billion dollars. However, wine business is not something you can just rush into. It’s a business that needs strategic planning and preparation. There are some things you have to figure out before you start your wine business and they include-:
4 Factors to Consider Before Starting a Business in the Wine Industry
a. Understand wines-: The first recommended step to take when you want to start your wine business is to learn as much as you can about different kinds of wines and flavorings, alcohol percentages, customers choice and preferences, pricing and just about any information you consider useful in helping you manage your wine business better.
b. Find out legal requirements-: Like i said earlier, wine business is not a ‘wake up and go‘ kind of business. This is because it is a business that is regulated by the government in most countries. You would have to obtain licenses, permits and deal with a lot of inspection visits if you are manufacturing your own wine.
c. Choose a suitable location-: Location is also very relevant in planning your wine business. You should choose a location that is favorable to your business because wine is mostly consumed by upscale customers.
d. Figure out your source of supply-: Whether you are running a wine shop or starting your own wine production company, you will need regular supply of stock or raw materials.
So what are the top 10 businesses you can start in the wine industry? You can choose from any of the following-:
Top 10 Small Business ideas in the Wine Industry for 2020
1. Wine shop
With as low as $2,000 you can start a small wine shop. You would sell wine in retail quantity to people around your area. Remember that location is a very important factor to consider when setting up your wine shop. You would want to set up your shop in a place with high human traffic and in a place that is easily accessible. You would also want to set up your wine shop in a place where the upper and middle class in the society frequent.
This is because these classes of people consume wine more than any other category. That is not to say you won’t make sales too wherever you decide to set up your wine shop. It’s just better to target the upper class in this kind of business. Somewhere like a shopping mall is a good place to set up your wine shop.
2. Wine bar-: A wine bar is slightly different from a wine shop. While a wine shop only sells wine in retail quantities, a wine bar creates a space and environment where people can come and hang out and also drink wine.
You would usually find a DJ playing good music, something to munch on and a nice sitting place in a wine bar. You would need a permit from the government to run this type of business so it is important that you pay a visit to the relevant authorities before you start.
3. Vineyard-: Instead of selling wine or manufacturing wine, you can decide to own a vineyard where you will grow grapes and other fruits used to make wine and sell it to the manufacturers in large quantities. You will need a large farming space to run this kind of business.
4. Wine Exporter-: Wine exportation is also a very lucrative business. You could start a business of exporting wines native to your own country to other countries. For instance, in Nigeria, there are so many imported wines that are not native to Nigeria that are in hot demand.
These wines are being imported into the country by some entrepreneurs. If you live in Nigeria, you could start a wine import and export business where by you will import wines and also export other wines that are not native to Nigeria.
5. Wine collector-: Just like some people collect art works or jewelries, some people collect wines. A wine collector searches for rare wines made several years ago, sometimes centuries ago. There are so many people who collect wine and you can start a business out of this by collecting rare, fine wines and selling them to people who collect wines.
6. Wine bottle recycling-: This is a business that would help save our environment from degradation. You could go around collecting used bottles of wine and selling them to the manufacturers for reuse.
7. Independent wine consultant-: If you are quite knowledgeable about happenings in the wine industry, you could make money from helping new entrants find their way and make money too. You can become an independent wine consultant and offer people help and advice on how to start their own wine business, organize wine tastings and obtain licenses and permits for their wine business.
8. E-winery-: Imagine a scenario where all you had to do to have access to a bottle of your favorite wine is to sit behind your computer and place an order. You can start such a business that sells wines online to interested customers. However, you must have the necessary licenses and permits to start such a business.
9. Wine Manufacturer–: These are the big boys in the wine industry. They are responsible for putting all the ingredients together and producing the wines which are in turn sold in large quantities to the wholesalers who in turn sell to the retailers.
10. Luxury wine maker-: Lastly, you can become a luxury wine maker. Luxury wine makers go an extra mile to create wines with great taste and exquisite bottle designs. The bottles could be made of expensive materials like gold and diamonds and the buyers would be more interested in the bottle designs than the content of the bottle.