This is some good advice, I wanted to add what was given to me before I made the leap.
* Your Financial Runway: This is huge, especially with a family. Most experts suggest having at least 6-12 months of living expenses saved before you quit your day job. This buffer means you can focus on growing your business without the constant stress of immediate bills. Factor in everything: mortgage/rent, food, childcare, health insurance, and even a little buffer for unexpected costs.
* Consistent Revenue: Are you seeing your side business regularly generate enough income to cover your basic family expenses? It doesn't have to match your full-time salary right away, but you want to see consistency and an upward trend.
* Proof of Concept: Your leads are a great start! Beyond that, have you successfully delivered several projects? Are clients happy? Do you have a clear understanding of how you get customers and how long that sales cycle usually takes? This validates your business model.
* Your Personal Risk Tolerance: This is incredibly personal. With kids, you likely have a lower tolerance for risk, and that's perfectly normal. Don't feel pressured to jump before you're truly ready.
* Your Support System: If you have a partner whose income provides stability, that can make a huge difference in reducing the pressure.