I've been a childcare professional for over 40yrs, and childminding for the last 23 of them. There are a lot of myths regarding childminding, including plenty on this thread!
It's the same as any other self employment in terms of paperwork, inspections, out of hours training, cpd, H&S, policies and planning. And you have to evidence that you follow eyfs, and the national curriculum to a slightly lesser extent. The only difference is that you can have your own child with you.
Childminding isn't only about your child, or even the other children. It's about facilitating and supporting parents to walk away from your home and working efficiently knowing that their child is safe and happy.
My two boys didn't suffer as a result of me working at home, the mindees didn't suffer as a result of my two boys being there. It's a fabulous life if you love children and go into it with the right expectations. It's knackering, messy, and noisy. You need to be organised and calm. You need to be assertive and able to keep business and friendships separate. And you need A LOT of storage! As my two got older they weren't required to mix with mindees if they didn't want to but the house rules are for everyone no matter who their parent is.
I have looked after over 80 children. Some of them transient between nursery and schools but the majority of them from nursery and reception to secondary age. The child I have now is my last before retirement and he's been here since 1yr old, he's now 11. I have been minding for his family for over 15yrs. I am still close friends with many parents, and the children I have minded come back regularly to visit, some of them now at university. The very first child I had is now 26 and has just bought his own home, he considers me his second mum and we love him to bits. My boys and some mindees are friends for life.
When all is said and done it's a business and you have to approach it as such. Everything else is a bonus. Working with children is not for everyone. I have made a perfectly good living from childminding (albeit nowhere near 50k although I never earned that anyway).