Ah...a fellow comrade!
I also run a f/t dayhome and am homeschooling DS (now 6).
I have three 2-year-olds and one 4-year-old f/t, one 3-year-old p/t, and 2 kids before and after school as well as my own 2 kids (4 and 6).
I am supporting the family because DH can't make up his mind what to do. He was a pastor for 2.5 years and then quit, was out of work for 8 months got another position and 2 years later quit again and said he wasn't going back. Now he is directionless. He is working here and there contracting himself out, but nothing permanent or steady enough to support the family.
Anyways...
I am nuts to think that I can do what I WANT to do with DS, but I am pretty confident that he is getting a better education at home with me than he would be in school (grade 1).
We do reading together...we did the Teach Your Child to Read in 100 Easy Lessons, which he didn't really like, but he is reading at a grade 2 level now and is finally starting to feel good about reading. (Most people don't like that reading book and I don't think I would recommend it). We are practicing Dolch sight words now to improve his reading so he isn't sounding EVERYTHING out, and we have some easy readers that I've picked up here and there that he is reading.
I have to do reading with him in bursts and spurts...5 minutes here, 10 minutes there. I really like the Dolch sight words for that because we can do a quick 2 minute review almost anytime. When I notice he is having a hard time with a word, I pull out the letter magnets. Like today we did "eat". I spelled "eat" on the fridge and then pulled out the B, H, M, N, S, WH, CH. Then I got him to change the first letter and say the new word. Beat, Heat, Meat...and we made up a story with those words. Stuff like that works great for him and it only takes 5 minutes tops.
I don't have much time during nap time with my kids, but the time we do have we do math (Math U See).
Then he picks something he wants to learn about. A few weeks ago we learned everything we could about lobsters. Now we are doing gorillas. We look on Youtube, check out library books and read as much as we can.
We read lots of books and instead of reading the toddler-type books to the wee ones in my dayhome, I read longer ones that my son will enjoy and get something from. And the younger kids either get bored and start to play quietly, or they just sit beside me quietly listening.
I will implement spelling as soon as the material comes in the mail (any day now!) and we still have to do sciences. We do random experiments but nothing that really makes any sense. Last week we bought white carnations and put them into colored water and watched them change color, but that was about it. I tried to be "scientific" about it...talking about absorption etc, but I was really boring so I just left it at "hey, that's neat, eh?"
We do very little compared to most homeschooling families, but I would rather have my son with me (and he would rather be with me than anywhere else) than to have him in school. He spends a lot of time playing with younger children and helps them with their play (none of the 2 year olds can play without someone engaging them in play...if they are left to their own devices they just lay on the floor and whine or cry). DS also spends time playing in his room by himself or with his brother.
Anyways, I believe he is learning at least as much as he would be if he were in a desk at school. I like that I can teach him in short bursts several times a day. That worked well for me when I was in college and I think it is working well for him.
We also do some scripture memorization with him before bed almost every night. Nothing big and fancy, just a couple short verses a week. And we read a chapter book together (currently a Magic Tree House book about gorillas) at night as well as 3-4 other picture books.
My suggestion to you would be to start with one subject at a time. Once that is going well you can add another and another etc. I didn't start anything formal until DS was 6. He still knows a ton about the world and space...he knows more about the ocean and the creatures within than I do (thank you Planet Earth!) and he knows as much about the solar system and space as I do since I have taught him everything I know and then some that we learned together.
When my kids are older (like in 3-5 years) I hope to be able to homeschool f/t.

Time will tell...
But for now, he is happy. And the kids who come before and after school to our dayhome think he is soooooo lucky!