If I was going for the niche factor then, yes, but in reality, for me personally, I wouldn't do this with young children. Not to be the pessimist but....
We started when our son was age 7, daughter 13...and it's still stressful and hard on them, always having to be quiet...living your life around the schedule of the inn, remember, your guests think that you live to serve them, you couldn't possibly have a life outside of the inn.
What about school schedules and activities? How do you make back to school night in the middle of check-ins? (We did that one last night). What if your kids want to play out side and you have guests? Do they want to hang out with your kids? Most of the time, probably not!
We have to dance around these issues everyday, luckily we have a lot of SPACE and our kids are school age, so they are gone 8 hours a day, 5 days a week! But when the kids are home.... you are in the middle of check-ins- they are doing homework and chores, when you are trying to sit down to a meal together, you have to go check in all of your late guests or go to the door to address any questions or problems your guests may be having...Come back to the table and everyone else is done and clearing the table and there's your cold plate, the dinner conversation is over and now your kids have to get ready for bed.
Innkeeping is already an almost 24/7 job and trying to do it without sleep, you will be taking years off of your life. When you are up all night with a crying or sick child, you may be at the end of your rope physically and emotionally... oh, now add the 24/7 innkeeping schedule.
Tag teaming in the morning to get the kids to school and serve breakfast AT THE SAME TIME! On the weekends, when your guests and your kids are home, how do you share the space so that your kids don't feel like they are in SOMEONE ELSE'S house and have freedom and yet not disturb the guests? Who's watching your kids when you are cleaning the rooms, cooking, etc?There are a lot of things to keep in mind.
I will be honest, with a newborn, I would probably be hospitalized from exhaustion trying to do this, raising a baby, while rewarding and wonderful, is hard and draining, I think this job is the only thing I've done that even comes close to the energy drain of the 1st year with my kids.
And no offense but, if I was a guest trying to get away from my kids for a weekend, the last people I would want to be with would be someone else's kids!
If you don't plan well or have any major problems in your marriage now, start saving for the divorce and child support payments!.