No. No project should be run out of your home. The idea has absolutely nothing to recommend it. It isn't adequate for a Wordpress blog, to say nothing of a web application your customers will be relying on.
Get yourself a VPS. They're absurdly cheap -- 3 months on Slicehost will run you $75. (I assumed you would want backups. If that was not in the cards, reevaluate your readiness to be trusted with anyone else's data.) If you have an iPhone, you have far more than $75 available if you apply yourself. If you absolutely, positively do not have $75, skip your next run out for pizza, get yourself shared hosting from GoDaddy (for about $4 a month last time I checked), and put up with the nuisances of shared hosting (which is still better than self hosting!) until you have revenue. Then, go to a VPS.