Does anyone watch children in their home? Are you licensed through the state or is it more under the table for one or two children?

I have been thinking about watching children in my home. ( I have worked as a nanny several times, but always at their house). No kids of my own yet, but planning on TTC in a few months. My husband and I have a house with space for extra people during the day. My husband works full time outside of the home, so it would just be me home. We do have one cat and one dog, but they are both friendly.

What are the pros and cons of watching kids full time in your own home? anything I am missing or not thinking of?
Feel free to message me or respond here. Thanks!