I recently had to deal with this too. I am looking for PT work and this is the 3rd year of having my biz. I did go ahead and put it on there because other than my cakes it has been 7+ years since I have worked outside my home.
Also, I do agree that the things we learn and do on a daily basis can be an asset to an employer. Turns out that it may help me because I need to show experience working with people and doing routine clerical tasks.
I would recommend putting it on there especially if there has been a gap in your other employment.
HTH a little and best wishes on getting that position. 
I would also list it for all the reasons listed above. However, be aware that you might run into the type of person who MIGHT see it as a negative.
When I managed our warehouse operations and was interviewing for warehouse staff, one man we talked to ran an office cleaning business on the side and it would be after hours (no interference with our operation). After the interview, when discussing it with my boss, she said she didn't want to hire him because she thought he'd be too busy selling HIS business to work properly at OUR business. 
Be prepared to discuss how you won't be taking cake orders while on the job, etc., in case they bring it up.
I am looking for a summer job and was wondering the same thing. I will but my cake business on my resume. Congrats on the job.
Congratulations on the job!!! I was wondering what verbiage you used on your resume for this???
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