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Lifehack has written a great posting on when to decide whether jumping from your day job into full time freelancing is a good idea. Here is a run down:

You have an excellent product or service

If your competitor sold the exact same product and service, right down to the unique benefit you provide, could you say that it is a high-quality product? This question calls attention to bias we have towards our own efforts. We have to not only believe but know through comparison where our products stands in the marketplace.

Your research tells you that there your market is large enough for you to profit

Do you know if your market is growing, stable, or shrinking? A quick way to find out is by identifying who will buy your product, determine what demographic they fit, see how many there are in a geographical area, and place a dollar amount on each prospective client. Divide by the number of companies in the area, estimate the dollars for each employee, and determine the percentage the competitors own. Is there room for all?

You have enough money in the bank

The fear of losing regular, predictable pay cheques can be pretty tough especially when you have a family to support. A mortgage, food, and expenses can place significant stress and can comprise your judgment. Don’t find yourself in a position where you sell your self short (or worse at a loss) only because your depending on making your next payment.

You find that your business is more enjoyable than your job

This is the real clincher. Considering that running your own micro business is both rewarding and risky, one has to find encouragement in the day to day operations. If even the mundane micro business tasks put a smile on your face and cash in your pocket, your ahead of the game!

You are an expert in your niche

Do your customers see that your the go-to guy/gal for all-things widgets? Commit to learning everything within your niche and blog about your ideas. Not only do you gain knowledge in your field, but also you will continue to build brand recognition.

You have a network large enough to support your business

Is your personal and professional network large and dense enough to put you through your business? If not, network like crazy! I don’t mean be the one with business card in hand when first introducing yourself. I’m talking about becoming active in your local community, and pouring time and effort in to getting to know your neighbors.

You have mentors and experts whose expertise you can draw upon

Do you have accountants, other entrepreneurs, or others who can listen to your wins and losses? If not, try your local Chamber of Commerce, local networking groups, or even non-business related associations.