There are so many advantages if you can get the juggling act right (even some of the time), but there is no doubt at all that it is very much a case of keeping a lot of balls in the air, and deciding which balls you are willing to drop now and again.
I find that housework is usually the first thing to be dropped, which is fine for a little while, but when you realise that you are not inviting friends round for coffee etc because you are embarrassed by your house, its time to pick that ball up again.
I also think you have to have some set aside time that is just for your business. It's impossible to run a successful business with absolutely no dedicated/protected time.
My original plan was mostly to work in the evenings, but then one of my children was terrible at going to bed, so I lost half of each evening. Also, my customers more and more wanted to phone or have email replies during the day, and so I couldn't just work when I wanted to all of the time.
As I say though, after a bit of practise, I think I get it right more than wrong now, and its great!