It can be done (and I've done it). You really need either (i) a lot of cash upfront or (ii) less money and a good solid set of contracts which will pay for the helicopter's insurance and costs.
If you're looking to just try and make your own flying cheaper by doing extra stuff to mitigate costs of ownership, it's really not worth it, the downside risk hugely outweighs the upside cost reductions (e.g. save £20-30 per hour on your personal flying but get hit by £10,000 cost of an AD).
If you are aiming to make your own business and earn money out of it, it's really down to your offering. Some operators make money, but a lot of people don't. If you have a proper business plan and can execute it well, you can do ok, but without a lot of money it will be pretty hard.
I kind of wish I hadn't bothered... lots of hassle, not a lot to show for it...
BW