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First of all I would like to say that 5k is enough to start "A" project.
However,....
What is your businessplan, and specifically how much do you want to make? Because you will be competing against a lot of very big companies if you want to make serious cash shooting your own stuff.
We have started on a similar budget and ended up spending a lot more on newbie mistakes then on the actual project, however we are now making a very nice profit. (free site model, not paysite and affiliate content, not original).
My advice:
Have a look at buying content rather than shooting your own. Start by running a whitelabel for a few months so you can get an idea of buying traffic that converts as that is the crux of the business if you are starting a new site.
Good luck!
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