If you are the type whose kids always beg to have a babysitter over spending time with you or if you beg to have your children go to a babysitter over spending time with you then homeschooling probably isn't the best idea. If you are a normal family with its typical ups and downs, then homeschooling is fantastic! There are so many different ways to homeschool and children are so adaptable that they'll learn in any of them. As long as you have a method (any method, just a method you are passionate about) and you stick to it, then they'll blossom!
If you think that doing school at home would be a bad match for you two, you could try a Charlotte Mason or John Holt type of approach. Far gentler and easier on both of you if either or both of you are Type A personalities. Check out their books in the library!
Socialization will be the least of your concerns if you homeschool. Statistically, homeschoolers are involved in many more activities than public or private school students. Girl and boy scouts, 4H, baseball, basketball, football, swimming, dance, foreign languages, choir, band, cheerleading, volunteer groups, church youth groups, science class, math class, art class, homeschool co-ops, park days, drama clubs, chess clubs, reading clubs, homeschool dances, homeschool proms, homeschool graduations, then there are all the neighborhood kids to play jump rope and hide and seek with every afternoon... you'll be looking at how to LIMIT your socialization! Most homeschoolers reach a point where they realize they are never home and decide to adopt the mantra, "to homeschool, we have to actually be at home sometimes."
Academics is another big scary mystery with people saying you aren't smart enough to teach your child how to read or do math. Either the institutional school you attended so poorly prepared you that you can't do elementary reading and math (which isn't a hearty endorsement of that model for your own children), or it did and you can't do any worse than that. Statistically, homeschoolers come out between on grade level to one grade above their schooled peers. Compare that to the city down the road from me where 3/4 of the high school graduates didn't test higher than 4th grade educations and you really have nothing to worry about!
Another common comment is that you have a responsibility to stick with a failing school or system to try to make it good, or your child needs to experience bullying or boredom as that is part of life. Parents have a responsibility to their own children, not to a failing system that isn't serving them. I don't know of any adult who endures daily bullies or threats or name calling, either. We don't have to stay around people who hurt us and we report employees who harass us. Even still, if I knew my child would eventually face starvation, I wouldn't start starving her now to get her used to the feeling of it. Instead, I'd be filling her up with all the goodness and nutrition I could so she'd be the best prepared when she finally faced it. The statistics on homeschoolers entering college show this method works. While only 1-3% of children are homeschooled in the US, most Ivy league colleges want 10% of their freshman class to be homeschoolers. They say homeschoolers are more creative, responsible, and likely to graduate.
You really can't mess up Kindergarten unless you have abusive tendencies or are struggling with mental health issues. You have 9 months to teach the colors, the numbers, the letters, and how to scribble on a paper and sing some funny songs. If it is a total bust, statistics say your child will be no worse off for having started at age 7. Read some books, join a support co-op, find a simple lesson plan like Five In A Row, and have fun!
For first grade, add in some Hooked on Phonics, Explode the Code, or Teach Your Child to Read in 100 Easy Lessons (which is a notoriously love it or hate it product) and then get some math workbooks at Wal-Mart or Sam's Club (seriously, they have good ones) or Math-U-See. It is more than everything you need to get started and you can grow from there in so many different ways to address your family's personalities, desires, and needs.