I could not agree with you more Moggy!

I think the mistake many make when they envision an operation is the potential of making money, when in reality the vast majority of operations, make very little if any real profit.

The correct way to look at any operation, and this is usually only learned the hard way, is as a means of asset aquisition, and cash flow, which can be used for other things.

An established operation will hopefully be able to pay for a number of assets, and the nature of the operation will determine just how valuable the assets are, but this translates into wealth accumulation in the long term.
The cash flow can also be useful, as it can allow outside investment via finace, based on the cashflow.
But cashflow will only come after the setup, and initial operation phases, and as a result it may never reach this point.

Even if you make it through the negative revenue phases, you are probably still a long way from the positive cashflow scenario required to support the description above.

Most operators run pretty close to a break even point, if they are lucky, so there is just not enough room for large profit in small operations, and of course as the value and complexity of the equipment goes up, so do the potential risks.

So, in my opinion if you cannot afford to self fund the start up and initial operational expenses you are not going to get off the ground, let alone survive the initial set up phase.

and yes, as much as I love old airplanes, this is a subject near and dear my heart!