Hi Kelliann,
That's a wonderful idea. But, I'm not sure we're are you located in Ottawa close to downtown we have many programs "preschools" that basically take children in as young as 18 or 20 moths old. Another program similar is offered by mothercraft "respite care", about the rates I'm not sure how much they charge. But $20 seems fair in your case.
Another thing to consider is the general ratio, if it is in your home it's only 5 kids including yours and obviously the ages starting in July 1st. It would be legal to have there under three.
Analizing that kind of option I think it won't create an steasy income. Unless you have and fill up your spots with clients that will take your services in a regular basis ex. Once or twice a week.
Also you must consider that not many young children can transition easy. That's why homedaycare prefer them 5 days a week and full time. (This practically helps the child settle better). I have offered a part time spots and it worked great but the kids were older.
As it might seem hard of taking care of your own child and others. I think actually it becomes the opposite. As far as you create a good routine it usually runs smoothly. Many providers have started daycares while taking care their own children. Routine is absolutely a key.
I have parents for one reason or another had the preschool experience and I got these feed back.
1. Two hours wasn't enough, it took longer time according to them to get ready and drive and drop off and not enough time to do what they needed to do (even worst during winter months)
2. Due to inconsistency the children demanded mom to stay.longer in the program at drop off time. And lot tears in some cases.
Perhaps you can run a playgroup like sing along songs or dance and movement, story time etc. Maybe you can rent a larger room ex. The library and create an special program that children and mommies can participate. Once or twice a week. Get a larger group (or enrollment ) that way. You have your fees upfront and just work on your programing;0)
Good luck.