Sign decent young players either cheap or for free, develop them/loan them out for a couple seasons, then sell them.
I don`t know how well this works in FM11, but in FM10 I could make millions in profit each season once I got into the flow of it.
You won`t make anything the first 2-3 seasons, but as soon as you start selling off the first round of youngsters, the cash just keeps flowing in.
This might be considered cheating by some, but it is (or was in FM10 at least) very profitable.
Bigger clubs should always be looking to develop young talent to sell later, not every player in your squad needs to be a WonderKid... most top clubs in RL have lots of young talented players that are never going to be good enough for their own first team BUT they are commodities in their own right (i.e. you can sell them to other clubs which generates cash for yours!)