I run a home daycare, for which I have to have activities planned in certain areas (literacy, numeracy, gross motor, fine motor, dramatic, etc.) For the past 5 years I have always had 3 -4 preschoolers. Right my own kids are 8, 6, and 4, plus we care for 2yo twins. For us it has always worked better to have activities available, but not necessarily expecting them to do any one thing at any specific time or for any specific length or time. So, with your idea of stations, I would put things out, but then let them just roam and chose what to play with.
We have a shelving unit with about 25 shoebox size containers with craft supplies or table-top activities (beads, lacing, stickers and such). The preschoolers know that during school, they can sit quietly at the table with us and use some of these materials, or they can play in the playroom, which is just around the corner from the area where we do school. Any time they get disruptive, I send them to the playroom. If arguments or other misbehaviours start in the playroom, they have to come be at the table. Otherwise, they come and go as they please. I rotate which toys are available in the playroom, so it doesn’t get boring.
I’ve tried being more structured than that, but it usually doesn’t last long. The children don’t get as engaged in their activities when I try to direct things too much. It just works more smoothly to give them more freedom, within firm boundaries. This was true even when all I had was preschoolers and didn’t have to divide my attention between them and the school aged children.
I DO try to have a preschool “story and song” time, where we read stories, learn songs, tell flannelboard stories, do fingerplays, etc. It’s part of my school plan, because otherwise I get busy and forget. I also involve them when possible in school activities. For example, today we went on a walk to collect items to classify for our science lesson. My 4yo was the most excited to be picking up leaves, rocks, berries, and so forth. Then the older two and I sat down to discuss ‘natural’ vs. ‘man made’ materials, while the littles just played in the backyard.
Joanne