what kinds of items in your opinions are lowcost to make but would be in some demand
Jason: it's quite difficult for any of us to recommend to you what to build to turn a profit.
Several factors complicate the answer to your question: your skill level, your locale, demand in your area, national buying trends, the economy, time of year, just to name a few.
Beyond that, I think you're going to find that, as a 'just starting out' shop/woodworker, you're going to go in the hole real quick or never build anything if you're a one-man band waiting for the work to come to you, or waiting for the buyers. One of two things will happen: you'll earn about $1.60 an hour when you cost out every part of a project, or your projects will cost so much that no one will afford them if you pay yourself what your time is worth.
Word-of-mouth and family/friends is a great start, but don't depend on it if you're planning a livelihood/living doing this. Most guys and gals on WWT are what you'll probably consider amateurs; we most all do it as a hobby. Christmas presents for the grandchildren, quality built furniture for ourselves we can't find in any store, something to fit that odd space in our home that no one builds, etc.
Hope you get the idea here...not too many of us have or ever will prostitute our skills and love of the hobby for the money. It just ain't worth it.