No, it's much easier: (short description to follow...)
1) invest 500g (perk) in the Riverwood Trader, he will have some 12.000g ready every 48h! (that cures your selling problem)
2) clear the smithing perk tree, skill 100 by smithing iron daggers
now the real money making begins:
3) aktivate the horse stone for 100 extra carry weight, and get rid of all your items, to have full storage space (aprrox 400)
4) Go to the blacksmith in Whiterun an buy all expensive ingots from Adrienne and her husband inside
5) repeat step 4) every 48 hours until your pocket is filled with the ingots
6) fast travel to Riverwood and go to the blacksmith, buy his ingots too
7) now smith items like: dwarf bow, orc armor, glass weapons, ebony bows, etc.
8) enhance every item, make shure to keep enough ingots for that in step 7)
9) now your pocket is overfilled and you can only slow-travel. No Problem, because your Riverwood trader is right next to the blacksmith
10) now sell your items, you will have to wait 48h to get the next 12k gold 2-3 times, just to sell the items!
11) continue with step 4)-10) until you can swim in money. I make 40.000g/hour with that method. no exploid used.
1) invest 500g (perk) in the Riverwood Trader, he will have some 12.000g ready every 48h! (that cures your selling problem)
2) clear the smithing perk tree, skill 100 by smithing iron daggers
now the real money making begins:
3) aktivate the horse stone for 100 extra carry weight, and get rid of all your items, to have full storage space (aprrox 400)
4) Go to the blacksmith in Whiterun an buy all expensive ingots from Adrienne and her husband inside
5) repeat step 4) every 48 hours until your pocket is filled with the ingots
6) fast travel to Riverwood and go to the blacksmith, buy his ingots too
7) now smith items like: dwarf bow, orc armor, glass weapons, ebony bows, etc.
8) enhance every item, make shure to keep enough ingots for that in step 7)
9) now your pocket is overfilled and you can only slow-travel. No Problem, because your Riverwood trader is right next to the blacksmith
10) now sell your items, you will have to wait 48h to get the next 12k gold 2-3 times, just to sell the items!

11) continue with step 4)-10) until you can swim in money. I make 40.000g/hour with that method. no exploid used.
You can even combine leveling and making money very easily very early on. All you have to do is make cheap iron daggers and put equally cheap enchantments on them with petty soul gems (absorb enchantments seems to get the best prices). This way you can make a heavy profit by doing nothing but making cheap iron daggers while leveling both smithing and enchanting.....