Thinking of renting rooms as daycare

[First_Time]

Hi everybody,
I am thinking of renting out my two rooms as a daycare. They are separate from the house with separate entrance and bathroom.
What are the legal steps I need to take? Will my property be considered as commercial?
How is this idea, would it work at all?
Do I need to take liability insurance? What else do I need to do?
Will it effect my bills like water and hydro?
Which type of contract I need to sign?

and one more thing:
should I open my own daycare rather than renting out my two rooms to someone else?

Please guide and many thanks in advance.