What I did when my twins turned one was this.....
I bought different items on clearance for just a dollar or two at Walmart, Dollar Tree,Target etc... and put the items in a box. I bought things as I went... well in advanced so I eventually found some good deals.
I wrapped a box and lid with birthday wrapping paper. (about the size of a filing folder type box) As the guests left the party, I welcomed my nieces and nephews to take something from the goody box. I removed the lid and they got to take a toy, lip gloss, playing cards, etc... They could see the little gifts. They loved this approach because they got to pick the "goodie" out from several choices. I bought a few extra items and just used them for another time. I don't think goodie bags with tiny junky things is a good idea and it is not expected at my family parties. Once your child gets a little older, he can pass out goodie bags to the departing guests. I prefer just a two or three decent gifts from the dollar store in a goodie bag over a bag of cheap yo-yos, tatoos, plastic rings, plastic animals, sugar straws, etc... I think goodie bags are a bit more expected at birthday parties intended for friends.