I've been in a couple of small groups (where you alternate at each other's houses) and depending on the study or topic (which is more important) it can be very beneficial.
Find a subject that interests you and others and see if you can get even just 4 people to join. There are workbooks that can be used for you to base your study on and some even have DVD's (with workbooks) that can go into greater depth about things in a faster pace.
Afterwards you can talk to your group about what you got out of it or what you are confused about.
It is also a great way to fellowship. After our study we always fellowship with finger foods & sweets! If there's time after that, we play games such as pool or bean bags.
Before our study, we begin with prayer requests & praises. Then we read from the bible pertaining to our particular study.
It is a great way to get to know other Christians.
The most important thing is to find a good solid study, and from somebody reputable. Sometimes that's half the battle! You don't want to be getting your information from a false teacher. You'll have to do the research before doing the study to get a sound beneficial study.
Ask around to see if anyone has done an in-home study to see what they'd recommend. Maybe even your pastor has some ideas.
Try to get a group together that would be sensitive to your work schedule. You may find that a Thursday evening is the only time it'll work. Or maybe a Sunday right after church.
We try to accomodate all of our group (there's 8 of us) so we plan in advance. A few of them have rough schedules that are never the same but we seem to manage. We try to meet every 3 weeks.
We already have our next study in mind that we will all do.
Yeah, I would say thumbs up on the small group studies! Best wishes in finding one. :D