UPDATE:
Though I got few valuable comments and suggestions, I am yet to receive a mass verdict on which method is best.
Request more insights on this commonly useful subject.
There is no best. I have found however that how you start out is how you end up - meaning, once you commit money, resources, time to LEARN a process - its hard to walk away from.
So, speaking for myself, I'm reluctant to invest a lot of capital in equipment until I know I have a market for it.
Is $5000 or $15000 worth the investment? Well, putting aside your time, and operational costs (electricity, telephone, internet, rent etc etc) - how many canvases would you have to laminate to break even?
I see canvas services now offered on-line everywhere - and giclee printers in my area (Ontario) price a wrapped canvas coated (likely with Breathing colour) at about $150.00 for 20x30. A lot of them hand wrap. This is taking the customer's snap shot, enlarging it , printing, coating and wrapping.
If you are charging a competitive price - then spending $5000 on equipment only means a LOT of canvases are done before any profit.
However, if you have hundreds of customers ready to give you money - then its not a problem.
My own (biased) view is the market is saturated with many options for custom printing of art and what I find many giclee printers do in my area from my unofficial search, is balance that offering with other services - such as framing, and photography or studio training (2 or 3 day courses targeted at a specific audience).
My 2 cents.