My typical early game is going from tournament to tournament to gear up and get funds, at the very start I'll do this with no one else in my party until i get up to sturgia (2-6 tournaments on the way), once i get up there i quest and do tournaments until i get close to clan tier 1. Once i get close I've normally gained over 15k from tournaments (selling gear i dont want, tourny rewards can sell from 500-1500, plus the money you get from betting and winning) and quests, all the while i keep around 20 sturgian troops that i hold at tier 3 to keep party costs sub 100. I then go recruit my first companion which is a trader if one is available. Once I get them I'll set them up as a 15k caravan in Aserai territory (starting at one of the cheap horse towns is always profitable).I can typically get that done in around 20 in game days. I almost never lose this first caravan and I have positive income going forward from that point. Once a second trader spawns I will make another caravan and get as many out as possible. Meanwhile i find out who pays the most for mercenaries and join them. Now that a faction only stays at war with 1 other faction, i dont have to recycle my caravans as much so they definitely make more over their lifetime. I generally keep at least 1 caravan per party i have going, and I do my best to vassalize as a faction is about to take a town i want, to ensure its given to me with the no settlement bonus. From that point its just balancing your troops size and quality to fit your general income. I normally don't invest in workshops until i have a base passive income from caravans. Once all this gets set up money just sits in the millions for me and is never a problem again. When caravans die, I use the governor exploit to get them back into my party and send them back out as 22k caravans which tend to survive longer. Workshops are essentially a 15k village and if you can hold on to them long enough, it's completely worth it. I often view them as offsetting my garrison costs.
In my current campaign i started after the most recent hotfix, this is going really well for me.
You can see at clan tier 1 i have 1 caravan out and 24k with a positive income from the first caravan. I'm just waiting on a new trader to spawn before i send a second one out.