My first question would be:
What is the competition?
If it is to create beautiful cultivars, then buy or trade for some proven winners, and have at it.
If it is to create something new and pushes the plant forward, then invest in a few plants and see where it leads you. Be prepared to work hard. I think Bob Faulkner has told the story of starting with a vision, which did not include spending a lot of money.
I think over the years it has been proven that small hybridizers can carve out their own path. James and Peter alone keep them in business....lol.
If by competing you mean make a lot of money.....well, then I have no idea. I sell seeds to pay for Christmas and grandkid stuff, so I would be the wrong one to ask.