The variety of foods people provide for guppies is staggering and every breeder seems to have his or her favorite food(s). Most breeders use some staple flake food or for large scale breeding something like salmon starter, the food fed to salmon in hatcheries. Some prominent breeders have their own lines of food they sell. The type of food is often not as much an issue as the frequency of feeding. Most serious breeders also supplement the diet with live foods and this is especially effective with babies or young fish. Newly hatched baby brine shrimp and microworms are favorites. These pages have links that will help you understand more (brine shrimp)(microworms).
Guppies are a great hobby if you are home all day since they actually prefer small feeding several times a day. Show breeders generally tell you they try to feed their fish at least four times a day. If yo work one schedule can be before leaving for work, when you get home from work, just after dinner, and just before bedtime. So, even if you have a full-time job it is possible. There are automatic feeders but they would be very expensive to use unless you had very few tanks.
Guppies should never be fed more than they can eat in five minutes. To prevent to catastrophe of non-eaten food rotting in the tank, many breeder use some species of Corydoras catfish in the tank, usually C. aeneus. Besides eating the sunken scraps, cory foraging propels fish waste into the water stream where it can get trapped in a filter.
Feeding babies is a bit of a different story and is treated in the Caring for Babies link.
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