Hosting is 24x7x365, and it HAS to be, but it doesn't mean that YOU have to be. For many years I was very much involved in every aspect of the company. Over time, more responsibility was delegated to other staff, but I'm still the "go to guy" when it comes to some issues.
That being said, as a small business starting out, you WILL put in 20+ hours a day, and you will work up to 8 days per week (we're always short a day each week)
Customers NEED fast replies (many will settle for within 4 hours as long as it wasn't a server/site down type issue).
One of the biggest advantages (and drawbacks) in hosting is that you're a world wide retailer. More than 30% of our business is from other continents. Europe takes about 20% of our busienss, and Australia takes about 10%. Our biggest market is still the United states but only 60% of that is mainland US.
Starting out is tough, but worth it if you can pull it off correctly. Nobody will ever run your business as you want it to run, and nobody will ever be as devoted to it as you are, BUT you HAVE to give others a chance. You'd be surprised just how committed some staff are to the success of the business - even more so whe you offer stock options or a share in proffits (or bonuses).