You may be able to do this, but I wouldn’t do it. Your tax savings would be at most $50 and you would be filing a Schedule C with no income. This will count as a loss year for purposes of determining if you are actually in business.

it is a net loss rather than deduction

Assuming it is a legitimate business, you can record the loss on your Schedule C and use it to reduce you AGI, thus reducing your tax burden.

As long as this is actually a business that you intend to turn a profit with eventually, yes.

If it’s a hobby then any income goes on the Other Income line of your tax return and expenses (limited to the income claimed) go on Schedule A as a miscellaneous itemized deduction. In this case the best case is a break-even on the income; losses on hobbies are not allowed.