Unless you are cutting your own hay and you have at least 20 momma cows that will give you a baby every year, you are going to lose money every year. It will take you a while before you are in teh black even with your own equipment. You are looking at a large investment in hay equipment. Your feed bill is going to be dependent on how many cows you have and the quality of your grass. But, you are going to have to supplement their feed at least in the winter.