The OP is starting small though, very small. I know it is to be in the position where $300 is just about all you can afford to spend. You need a big chunk of luck to get the business off the ground when the budget is so limited, but I don't think it's impossible to do it.

A while ago I was considering starting a hosting business myself, off a reseller hosting account. My necessary budget kept on going up, once I started to consider not to cut corners. Eventually I let the idea go, as I realized I wasn't ready to commit to it full time (too much going on in my life at the time).