The equation is in slope-intercept form, $y = mx + b$, where $m$ is the slope and $b$ is the y-intercept. In the equation $y = \frac{1}{5}x - 1$, the slope is $\frac{1}{5}$ and the y-intercept is -1.
The y-intercept is the point where the line crosses the y-axis. In this case, it's -1. So, plot the point (0, -1) on the graph.
The slope is $\frac{1}{5}$, which means that for every 5 units you move to the right along the x-axis, you move 1 unit up along the y-axis. Starting from the y-intercept (0, -1), move 5 units to the right and 1 unit up. This gives you the point (5, 0). Plot this point.
Draw a straight line that passes through the two points (0, -1) and (5, 0). This line represents the graph of the equation $y = \frac{1}{5}x - 1$.