M.W.
I did daycare for 5 years. (However, I did do it at another house that was NOT my primary residence for 3 of those years.)
First off, you need to go to the informational meeting at your county and get all the rules and regulations and get the process going. Until you are licensed you are only allowed to watch 1 unrelated family.
As for children. If you advertise early and say "new daycare opening .....2009 call now for your interview and to reserve your spot" you can hopefully get a roster going before you even open. That way you won't be hurting for money. I opened with about 6 or 7 kids on my roster the first week and within 3 months I was full. All my families came from word of mouth and on the rare occasion that a family left (moved, asked to leave, or kids grew up--were the only reasons anyone ever left my daycare) I had the spot filled within a week! Word of mouth is POWERFUL!!!
I LOVED being able to be with my daughter after we had her. I did daycare for 4 years before she was born. The BIGGEST set-back for me was that after I had her, I would leave her to last and tend to everyone elses needs first... I had a call one time where the mom asked if I had my own kids because she would not come for an interview if I did. She had such a terrible experience with a provider babying her own kids so bad that she wouldn't even consider returning to a daycare where the situation may replay..... I swore from that phone call on, when I finally had my own kids, none of my parents would ever say that.
It gets tough having your house and your business be the same. It feels like you can NEVER keep it clean. BUT you can do laundry while you're at work...LOL.
I felt that once I was watching 3 kids (on light days), it was actually easier to be watching 11. The more kids, the more they entertain each other. Personal preferance.
Good luck.
(Message me back with your email and I can forward you my contract. It started out being about 3 pages long and by the time I quit, it was about 10! I learned from my mistakes of not covering everything in it~!!! Parents LOVED my contract. By the time they were done reading it, pretty much all their questions were answered! I got lots of compliments on it.)