Determine if you can say No. If you find your self doing things that you do not have time for, but just do because someone asked. You may not be ready to be your own boss.
Step2
Determine if you can be without a paycheck for a couple of Months. When starting your own business you will probably not be able to pay yourself for the first couple of months. It may take years for your business to make a profit.
Step3
Can you function on two hours of sleep. Yes, it's true that many people start their own business to stay at home, but the fact is things come up and sleep in your first couple months of business will be scarce.
Tips & Warnings
If you go into business for your self make it something you love and maybe you will not mind working countless hours.