Originally Answered: My friend and I are trying to start a small business to save up money and buy things we like?
Yes: Steer clear of "online work-from-home business opportunities." These are all scams, and you'll end up worse off than when you started. That doesn't mean the internet can't be an important communication tool, but there is no magical business that creates money just by being online.
Figure out a skill set that you have or can easily acquire, which you can use to add value to something and sell it for a higher price than you paid for it. The example I like to use is refinishing wooden furniture. Painted (as opposed to stained) furniture is very trendy now, and it is fairly forgiving technique, even if you are beginners. The idea is to find pieces like wooden chairs, dressers, desks, and tables that are structurally sound (stand up securely on all their legs, drawers pull smoothly, no deep gouges or cracks, etc.), but are being sold cheap, perhaps because they look worn out and beaten up. You can find them at thrift shops, garage sales, estate sales, or on craigslist. (Don't forget to check the "free" section on craigslist!)
Invest in a package of medium grain sandpaper, a can of primer, a can of latex paint, and a couple of good paintbrushes. A bottle of dishwashing liquid can come in handy for cleaning up afterwards, and sometimes for cleaning up dirty furniture before you begin. (Rubber gloves come in really handy, too! But if you forget to wear gloves or spill some paint elsewhere on your skin, a little toothpaste will scrub it off.) Sand it, prime it, paint it, then list it on craigslist for twice what you paid for it. Be willing to come down on your asking price by a third, and you will still be making a profit.
You can do the same with some metal furniture, like desks, shelves, and file cabinets. Look for pieces that may look scratched and even a little rusty, but have no rust holes or dents. Clean them up, sand lightly, wipe off sanding residue with a barely-damp rag, and spraypaint. You may need two coats. You'll be amazed how much better it looks with an investment of just a few dollars and an hour's work. People are willing to pay more for something that doesn't arrive still needing that work.