I once had a lovely lady for DDs first birthday who came dressed as a lady bird, did some brilliant face painting, brought a mega bubble machine and gave everyone a balloon flower/sword to take home. She wasn't too expensive, we also had a bouncy castle for the older children, and it was a brilliant party.
I have also had a fire eating jester (I'm sure if you practiced a bit
) who kept a class full of children entertained for 2 hours with plate spinning, juggling, ect. He was pricey, but worth it.
The worst entertainer had a wild eyed, motionless rabbit. In a very small box. Into which he stuck knives (being a grown up I managed to figure out the rabbit must be contained in only half the box). MIL was asked to keep my DC away from the rabbit in case it attacked. Now, I knew this entertainer had a rabbit, and I also knew he was going on to another party afterwards. The reason I agreed to the rabbit being involved in DSs party was that I didn't like the thought of it being cooped up alone in the car, and for some innocent reason thought it would be better off joining the party.

What I really hate a children's parties is too loud music, big bangs and encouraged screaming of "we want our food, we want our food!".
I've been to some brilliant parties where a lady dressed as a fairy (fabulous costume) and entertained DC with a few games etc. Maybe you need to adopt a persona - Arty Farty Smarty has already been done, as has Uncle Booby Zoobie, so maybe "Fairy Tangled" or something. You could get yourself a great big wig. 
As a parent if I am hosting I don't want to do the entertaining. I want to be able to talk to the arriving/collecting parents, make sure all the DC are happy, and hand out party bags. I would love an entertainer to provide food as well. No one around here does, so I actually have to do my own cheese spread sandwhiches and grapes although I have resorted to Sainsbury's/M&S sandwich platters in the past.
Tell parents up front your fees, what you provide, ect. Have a web site and advertise locally.