Right now I'm getting ready to display some prints at our local library, and maybe sell a few prints from the exposure. Most of the time I give some framed prints for charity, and price them at a reasonable amount so they sell(all procedes to the charity, nothing back to me), and I sell matted prints at the Chamber of Commerce (5x7 for $9.95 ea.)
I used to be a portrait photographer for Olan Mills, and am really reluctant to pose people, but I do it for nearly the same prices as you, and rely on reprints for the big money, and upcharge for custom matting and framing(tidy profit there). I have a small poratable studio set-up w/lights, backdrop, etc.
My advice to neophytes is to build the price of any needed equiptment into whatever job they undertake. If you cant afford to take a job because you dont have whats needed to make it work, you have to fit the price into the job. If you know you are going to have several portrait jobs coming, go out and buy(or lease) the proper gear, and split the costs between the jobs as past of the sitting fee. If you are going to make this a business, leasing gear is (IMO) the best route, and charge off 100% of the costs on your taxes.