I have not read the license agreement but there might be something in there about the Home / Family / Personal editions not being able to be used for commercial use – although a home business might be a grey area. I remember back in years gone by some of the the Home editions of the old Microsoft Office used to put “non commercial use” in the title bar to “remind” you, although Microsoft did get rid of that following feedback.
If you just want Word, Excel, Powerpoint etc. there’s not much difference but the Business subscription versions of Microsoft 365 do come with e-mail on your domain name (me@mydomain.co.uk) plus SharePoint, Teams (I think this might be available on Personal/Family subscriptions now) as well as various security features and management. Some people might find value in those, although the Business versions are considerably more expensive… around £100 per person per year, as opposed to £80 for up to 6 people per year for the Family subscription.
Also bear in mind if you are doing the perpetual license rather than subscription the Home & Student edition does not come with Outlook, this may or may not be important to you.
