If you talk about it together, you can come to a more informed decision. Most locales require some sort of yearly or more frequent evaluation of the home student's progress, such as a test, oral report, project, etc. If you have clear goals at the outset, and communicate them to your child, you'll both be working under the same expectations. Whether your local district requires it or not, having a homeschooling plan gives both you and your child a sense of direction. When school is somewhat defined, the rest of life can fill in around it.
Teaching is hard work.
You can learn a lot from the teachers that came before you. A homeschooler can have all the friends in the world.