This is a hard thing to answer we don't know your area or your circumstances. There are pros and cons to both here's a bit but prob better to have out this in the biz section.
Working from home is good as no rent, but you do need insurance, if your renting check you can run a business as a lot won't allow it, if you have bought your hour then you need to contact the insurance company and let them know. You'll need to work hard to get clients as no passing trade, so advertise and look for ways to lest people know you're there.
Renting, you'll have too pay rent and also get insurance, you'll most likely need a nvq to go on the premises special licence, if there isn't one you'll have to get one, that's important. Your more likely to get passing trade but still need to advertise hard.
You probably won't make a profit for first year or maybes longer either way, but does depend on outlays and how much you charge... Don't undercharge as you'll get clients but not good clients as they'll go once you out prices up.
Good luck