Start small, expand as your experience and capabilities expand.
Few producers can not avoid feeding any hay throughout the year. Grass does go dormant and lose protein.
If you plan to breed, buy the best bull and the best females you can afford. Go to a reputable breeder for your breeding stock...stay away from the Sale Barn. Get infrastructure in place first. Look at the offspring of both bull and cows...don't rely solely on pedigrees, EPD's, or other statistics. Pay close attention to temperament (it's 40% heritable)...you want calm bulls and females.
Registered operations take several years to succeed (or, even break even)...if you have right breeding stock, offspring, marketing, and a lot of luck. "Crossbred" stock (if they look good) can always be liquidated at sale barn.
The cattle business is a poker game...and you rarely have a Full House, Straight, or 4 Aces in your hand...lol.