In your opinion, what is the best way to advertise and market my home-based business with a low budget?

I would suggest digital advertising, Google ads is a very good option to advertise for your business, it's cost effective and you can control your budget, you can choose your audience precisely as the ads target individuals who are interested in your product/services, and you can measure the outcome or (ROI) by viewing the number of clicks on your ads.

Social Media advertising is a powerful medium to reach the masses in a cost effective (& mostly free manner). Through the use of social media, a home business can generate curiosity and interest towards their products/services and that will help improve word of mouth publicity.

Digital Marketing (Social Media, email, in-app advertisement etc.)

Digital Marketing is all about how to get people visit your Product Site www.yoursite.com, to  learn more & read reviews about your service and product quality then they will decide to buy or not.

They can buy and pay online if it is available or if your product is electronic.

Or guide them by finding your shop address in your site and pay a visit to buy and pay directly from you.

Social Media is a tool to grab customers' attention and find customers, but how to reach them, how to find them, how to encourage them to read your ad or visit your site.

if you have 10,000 page on all S. Media channels no one will notice that, so how to promote them, how to be Everywhere.

Simply, using social media marketing.

the best way to reach out the biggest no. of followers is by the social media

Try Google Adwords. You can customize it as per your needs. Its quite flexible and easy to use. Most importantly, you can set daily budgets and limit ad appearance to your operation timings. 

All you have to do is create a google account (or use existing gmail account) to login to google adwords and start advertising.

Good Luck.

If you would like to do it yourself, create pages on Social media and promote your products on it.

i would suggest News Paper best way to Advertise for low Budget

Social media, digital online marketing tools are best suited depending upon target segment & customers a

It depend on the type of product consumer products or industrial product  or services .