Hmmmmm, where to start.....,
First off, I guess I should say a little about my background, I trained under John Allgood and Peter Ross at Colonial Williamsburg. I started my own blacksmithing business, and later expanded that into welding fabrication and repair, and yes, I have been to welding school.
That said, I don't believe in subcontracting anything out, and I don't think I can ever remember doing it. My philosophy was that if I needed a tool for a job, and I thought I'd get more work that would employ that tool, I'd bite the bullet and go ahead and buy it.
I have a friend that does a lot of fabricated gates and railings. He tries to include as many forged elements as possible (as the customer is willing to pay for). He's a one man shop and he went out and bought a bender for doing box tubing and pipe. If this is the kind of work you do, the bender pays for itself in a relatively short time.
But, you don't necessarily need a bunch of high dollar tools if you work carefully. Take a look at this gate another friend of mine made: http://www.forgemagic.com/bsgview.php?photo=411&cat=&by=Lonesome%20Pine
You know how he made those long, graceful curves in the top? he bent it between two trees. He bent the first one the way he wanted it, then carefully bent the others to match.
But this is just my opinion, I'm a beginner myself.