Easiest way is something like this.

http://www.ebay.co.uk/itm/JP-DELUXE-WHEEL-PROP-BALANCER-ALUMINIUM-/380384359161?pt=UK_ToysGames_RadioControlled_JN&hash=item5890acb2f9

This ones for models but make the frame from 3 bits of wood (mine for the race motorbikes was a simple steel frame). 4 ball bearings mounted on top. You can use a spindle with cones or just use the correct size spindle. Bit of chalk. Spin the wheel slowly mark the bottom point when it stops, do that a few times. Stick a weight on opposite the marks. Keep doing that till the wheels stops randomly and it's balanced. Spoked wheels just wrap lead wire round the spoke, plastic or ally use the flat weights. With practice it becomes very quick and easy.

Cheers Col

I use an axle shaft in a vice and for weights I cut up roofing lead into strips /squares and adhesive silicon for a glue.
On Vindicators 15" car wheels the balancing came down to a little blob of silicon without even the lead

Found it! This is the best explanation I know of of how to do it. You can see how simple the jig is. I had one that I welded up like the blue one. Just sat the spindle on the top so no need for cones.

www.motorcyclenews.com/new-rider/choosing-kit/2006/november/sep28-05-how-to-balance-your-wheels/

The front wheel is the one to do if nothing else as you'll feel it through your feet, and it'll just make things smoother. On my relic the front wheel is carrying a reflector that won't matter on a BMX doing 20mph... 45mph on concrete (Elvington) it'll be pulling, causing strange oscillations or front wheel patter, also it will be causing uneven stresses on a plastic wheel as it has mass that is pushing at one point on the wheel. Now I'm at the detail stage it'll be vanishing shortly.

Cheers Col

I wouldn't have thought it would matter as dynamic balancing is mainly to get rid of the wobble caused by the rim/tyre combo being out across it's width. A car wheel is one thing, a max 4.00" wheel is another entirely. I used to get away with static on the race bikes and on my old sprint bike up to speeds of 170mph - allowed me to swap tyres to the right one for a particular circuit/race, before I afford to run round with piles of spare wheels. Also when you get to this level you should balance your wheels half way through their wear and how many car owners do that? So IMHO I'd say balance your wheels but do it at home statically and on the cheap.

Cheers Col