One of the major limitations to home/small office printing, is the printer you use.
Inkjet tech simply can't bond to a surface, it has to be porous to actually soak up the ink. So, the paper can't be too smooth, and if it's too rough it will jam and create excess lint (leading to even more jamming/smudging in the future)
Unfortunately, even after it dries, it's not really completely dry, and paper still breaks down in water. So you can apply coatings, plastic wraps, or paint on a sealant, but it will still not be completely permanent (though it may be more than enough for a given purpose).
If you use a laser printer, however, the whole ball game changes.
Laser printers use lasers (big surprise) to create a static cling on the surface, and apply microscopic beads of toner, which is ink surrounded by plastic, which is then melted onto the surface. For this reason, many laser printed documents actually create a slight ridge, and it's a lot more durable (though it can sometimes chip, it won't bleed... ever)
Pair that with a polyester label, and you have something far more durable.
So, if you have access to a laser printer, use it. I use one to make my own product labels for another industry, and although I pay a slight premium doing it this way, I can produce my own labels on demand. It also means that I can run off a page or two for my bottle labels for less than a penny worth of toner.
All of the labels below are available in plain paper, water-resistant glossy, or water-PROOF polyester. Around $50 per 100 sheets, with 3-10 bottles worth of labels per page, depending on design and size.