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It's easy to just toss in a bunch of fees and say it would cost this much or that much. But in reality if a small time guy is going to do his own shoots he is going to make it cost effective.
The equipment is a moot point IMO as you have to have it if your going to shoot, it's just a fact of doing the biz. So there is no real way to save cost there. But things like office fees and studio fees, that can all be worked around. As that's what small successful biz people do, they save money and find a better way to do it, which fit's their pocket book.
You may pay the model $300-$500 but you will be getting several photo sets for that money, and it will be exclusive. If you figure out the price of buying all that exclusive content from a content supplier, my guess it would be double the price.
Now of course a professional operation will have major benefits over the smaller guy, but I think a smaller guy can compete if he plans everything right. If you figure the costs out, you have to figure it as buying exclusive content from the content provider. Because that's what the guy would be shooting for himself, so we aren't talking $30 photo sets.
I would 100% agree if you aren't after exclusive sets then a content supplier would be way cheaper. However not for exclusive sets, IMO if you need a lot of it, then it would be cheeper to shoot it youself.
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