I just got licensed for a home daycare through OJDFS-is that considered a samall business? Do I have to have a business account with the bank or a savings? I'm allowed only up to 6 children.

OJDFS? This is a global website, your general location is necessary to help you.

What country? If in the U.S. what state?

You are now a business. You also will need to be sure, your home insurance knows of this business, and you will (most likely) be required to pay additional fees for the liability coverage for a business at your home.

I will also assume, you checked that the zoning for your home, will allow this business.

And that you may also need a city business license in addition to the state license. (I am assuming US) ** maybe wrong..

Yes, this is now a business (you were actually a business, as soon as you started paying money for license fees, buying things required for the business.
Yes you need to keep records for the business, and keep separate accounts.

Because this is a self owned business, remember if a child gets hurt, you are personally liable for any law suit.

Yes, you qualify as a small business. We don't know what level of agency OJDFS is, but I would assume that their licensing covers your local govt as well. It may cover zoning laws as well. You should check that out with your contact at OJDFS.

In terms of having a business account it is not necessary. But not having an account means that payments need to made in your name not a business name. Otherwise you may not be able to process checks or other types of payments. You might consider looking into creating a Paypal account. You don't need a business account to do so, but it allows you to process credit card payments. Otherwise you would have to establish a merchant account with a bank to accept credit card payments. While a business account is not required, you should open a separate account for the transactions related to the business.

You DO want to keep very good accounting. You might want to check out QuickBooks online to do this. By very good accounting I mean recordkeeping. Keep a record of all the payments you receive and all the expenses you incur. This will be needed for doing your tax returns.

Chuck made a very good point about insurance. I'm surprised that OJDFS did not require that you obtain proper insurance before approving the license.

Ohio, correct? Definitely keep your daycare business and personal finances separate... do not let the two mingle. It benefits you greatly to set this up as a business. You can research it on your on, and set things up, or you may find it easier to contact a small business development center where you can ask questions and be walked through the steps.