A Pentax 645 35mm FA 3.5 is 1200 to 2000 dollars, that's a really nice lens, its not $5000
I spent a hell of a long time shooting with one body and two lens, and only built a "dream system" when I could afford it. My camera and lens expenses for the past two years is a whopping 0 dollars!
(Ok i had a little dslr converted to IR so $380, but that was a want not a need :-))
your going to need to turn lots of money prior to getting to 70k profit on your "taxable income" side.
and I'm just saying there are many ways to structure the way you manage your money.
Telling a person there are costs that they need to consider is reasonable and prudent, assigning that persons cost of living to that persons cost of doing business makes sense. Assigning anything over his cost of living does not make sense, and in the context of starting a new business is not very reasonable.
I have shot about 20 days this year, it works for me, But I sell my stuff to collectors not clients.
I don't know what would constitute a good year for a wedding, portrait, fashion, travel, real estate photographer, certainly plugging in simple numbers of cost verses income is reasonable and will give you a general idea of how many widgets you'll need to sell to keep the doors open.
It is brilliant advise to at least show someone what the could be in for!
I continually look at only three numbers in my business now; costs, daily average and trend.
Then I work on plan or change what I am doing to improve those. My business model now looks very different than when i first started, the goals are about the same, but the way I will get to them has matured.
There intangibles at work in any business, which you are not paid for directly, and these can have great value. Every day you are in business you are building this value!
In reviewing the information, I see less than $1000 dollars slated for promotion. Perhaps shifting the 10,000 dollars invested in extra camera gear to to promotion would have greater benefits?
Again trying to give advise to a new business from your more mature perspective, doesn't always work.
It is entirely commendable to show someone there are things they need to consider but, I don't thing its a one size fits all by any means and what works for you now and what you need now is most likely much different from what you needed when you first started; Steve Jobs probably couldn't move back to the garage where he first started Apple for instance, but telling the next Steve jobs, it can't be done from a garage is not necessarily true or helpful either.