+1 on Qball's comments. I looked at it a little differently concerning the startup costs. I didn't factor in the equipment because it will last forever so your depreciation or ammortization will be recouped. I still have my shotgun reloading equipment from high school, over 20 years ago. Somewhere around the 400-500 round mark like Qball said. Look for deals and buy in quantity when you can.
I try and get powder and primers locally so I don't have to pay the hazmat shipping fees, they will really drive up your price.
After you purchase the brass, each subsequent reload it is virtually free. If you have been saving from factory loads, then it is free. Figure primers are around .03 - .05 each, bullets are around .08-.20 a piece and the powder is about another .08-.13 per round. Add it up and you are loading for .19 - .38 per round, plus brass if you want to count it. The high end would be for high quality match type grade ammo and lower would be for every day shooting.
Be careful though, because once you start, you will find that you tinker with loads and will have to shoot more.
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