Yeah, it's a start but that's all.
Still, we all started somewhere.
Build it up as you can, where you can afford it and look for deals.
Don't blow the cash you save on weed. Spend it on updating.
Going this route means it takes a while BUT you learn a lot along the way (if you read up on here). Learning to clone is a big money saver.
The biggest danger is you an end up spending cash on things that become useless (extraction fans is THE classic IMO, bite the bullet and get a 6" to start IMO, if you don't need it now, you will later and the 4" you bought to save $50 will end up in the bin along with the ducting and filter)
With the cfl's, keep going. Later on, they could be used for a veg/cloning cupboard when you upgrade.
It takes a while BUT, put it this way.
Over the course of the last 2 years growing my own again, I reckon I have saved 3K+ in total by not buying weed. I have now downgraded to just my veg cab (250w) as that's all i need (I don't sell) and have a 600w kit now left unused that has cost me nothing. My weed and all my veggies for the garden/my bonsai chilli hobby cost me somewhere in the region of 50p a day.