For every 100 gold I pay for smiting materials and gems to enchant, I make at least 1000 gold in profit, at minimum, no need to mine if you don't feel like to, there is enough profit already.
I do that a lot too. The main thing to remember is to make sure you've leveled enchanting and speech up high enough that it doesn't override itself. Example: dwarven enchanted dagger: (assuming you already have some leather strips and this is without and speech and enchanting perks and that you have learned a stamina or magicka drain or damage already) - dwarven ingot @ 45 + petty soul gem (loaded) @ 75 = 145. After enchanting with Stamina damage using that same dwarven dagger you just created and the gem you just purchased = 492 value - sell for about 145 so you break even, if, however, you do the same thing with an iron ingot (@ about 10 per) you get almost the same value in the end but a profit of 50+. As your speech goes up the value of what you sell goes up and the cost of the raw materials goes down. Usually I end up making a bunch of daggers and jewelry, enchanting them with the most profitable enchantment I currently know and use a petty, lesser or common gem that I currently have (you find so many of them anyhow and they're easy to fill yourself so you don't have to waste money on buying them if you don't want to) and away you go. You can make beaucoup bucks fast. Just remember that, without the speech perks, you make less, pay more and your vendors have less as well.
Just my thoughts.
You may not believe me, with a 320 hours old character, I ended up with 4000 leather stripes, 4000 leathers, 4500 Iron ingots, thousands of other ingots, hundreds of filled soul gems, and 2500 lbs of ingredients, and a lot more, and these are all left overs, and the funny thing is, I don't remember putting any real effort collecting these, excuse me, I can't help but bragging about it.