David and Meg- I use Epson R380 printers. They are very cheap, about 150.00, and they are really very durable, little workhorses. They have a 2-inch monitor on them so you can see what you are printing and they also have basic settings on them so you can set sharpness, color, saturation, etc.
I shoot everything in jpg. Since I will not be doing any PP at all, I set the camera settings different than if I am shooting for myself in raw. I increase the sharpness a bit, increase color saturation, and so on. When I hand the first card to the assistant, she runs out a test print and then she adjusts the settings on the printer to get the proper results. I also check out that test print to make sure I am getting things right in the camera, such as cropping and so on.
Some guys use dye sublimation printers on location, some use the type of printers I do, and others go about this in a completely different manner.
Your biggest expense, of course, is ink. I buy my paper in big lots off
ebay or I keep a look-out for local sales.
I use a very old set of Novatron studio strobes, they are over 25 years old, and I bring several portable backdrops. My Novatrons fit inside a hard shell case and are completely portable. I literally set up a complete, mobile studio right at the location. I use Pocket Wizards to sync my lights with my camera.
Of course, the best way to shoot these things is the first method that I described in my original post- getting paid by the event organizers. That is, by far, the best way to go. The other method of getting paid by the customers can definately be hit and miss. Also, when I shoot awards banquets or corporate events, many times, depending on the location, you may be able to incorporate the surroundings as part of the photo, which really makes for interesting souvenir photos that will always be cherished by the folks attending the event. I have included a shot I did last year. The event was an awards banquet that was being held at Lone Star Park, a beautiful horse racing track. I dropped by the place a few days ahead of time to scout it out and found a really nice mural on the wall next to the main entrance and we used that for the backdrop instead of my usual portable backdrops and the people just loved it.
The examples below are not the greatest portraits in the world, but they sharp, clean, and they show the folks having fun, and that is exactly what you want to provide and also that is exactly what I was hired to do. The lighting set-up was very basic- two lights with umbrellas and a light on the background. Simple. I set the lights up where I will be able to shoot individuals, couples, or groups of up to four or five. If the group is bigger than that, then I may have to move the lights a bit, but overall, once I get the lights set, I never move them. I also use basically one lens- a 50mm 1.8. It is small, lightweight, very sharp, and it will shoot just about anything unless I get groups that are larger than 5 people. After shooting over 100-200 people or more, you will appreciate not having the extra weight of a big zoom on the camera. And I shoot with heavy cameras. My main camera for events is a Nikon D1X.