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So you need to purchase a home lot, then you can purchase your commercial lot and build whatever on that. Just keeping in mind that certain events will forcefully send your sim back home (unless there's a mod out there to circumvent game restrictions, etc).
I mean... you can define a lot as commercial and never have a business. That is currently the workaround people use in order to purchase "vacation" homes. So you can absolutely live on a commercial lot, but the game will yeet you back "home" in certain situations (my sim went to prom while on vacation, and she didn't return to vacation. She was back home).
When you want to open shop/resto, you MUST be on the site.
If you have the Dine Out pack, you can go to Manage Worlds, define a free lot as a restaurant, build whatever structure and furnishings you want (along with the specific things restaurants need to have), define the menu and what staff positions it should have, etc., and just have it in the world as an autonomous commercial lot that no-one owns. The game will manage running and staffing it, and sims (including your sim) can visit it. But you won't be able to choose who works there.