But a vineyard and small winery can be an expensive, labor-intensive and time-demanding business that must consider the risks of weather, pests, plant diseases and consumer tastes.

The startup cost for a small winery in the region around Finger Lakes, N.Y., easily can reach $3 million in the first four years and create substantial debt. Income grows slowly and a vineyard and winery require working seven days a week all year.

"A risk analysis of owning a winery wouldn't even come near reality," says John Martini, who started growing grapes on Seneca Lake 30 years ago.

But Martini, owner of the Anthony Road Wine Co. in Torrey, N.Y., would not choose another life.

"There might not be financial rewards, but there are psychological rewards," he says.

Because individual wineries routinely go through an extended growth phase, profits rarely become cash in owners' pockets, says Jeff Franklin, senior vice president of the National Bank of Geneva, which has supported many Finger Lakes wineries with loans.

"Any and all cash gets plowed back into the asset," he says. "Like many businesses, wineries have to stabilize growth to get into profitability. Equity growth and long-term returns are what puts cash in the pocket."

Martini and his wife, Ann, bought 100 acres of farmland on Seneca Lake in 1973 to grow grapes and raise a family.

The Martinis initially sold their grapes to the Taylor Wine Co., and then to wineries in the state. In the late 1980s, they decided to go into the winemaking business, establishing Anthony Road, and introduced their first bottle of wine in 1990.

Like many wineries, they hold weekend festivals and serve special foods to attract new consumers. John Martini drives to New York City every weekend to sell his wine at a Union Square market.

Still, the Martinis have monthly debt payments ranging from $15,000 to $17,000.

Morten and Lisa Hallgren have taken a different approach with their new business, Ravines Wine Cellars, by keeping costs and debt low.

"We're starting out with the basics needed to make wine of high quality," says Morten Hallgren, 40, chief winemaker at Dr. Konstantin Frank's Vinifera Wine Cellars.

The Hallgrens borrowed less than $200,000 to launch the business. They sometimes swap wine or services for the use of equipment. They are purchasing handpicked Finger Lakes grapes for their first wines while they plant vines on their 17 acres.