i DID quit my job, moved into a family owned house, and ran my business.
if you're one of those types who CAN work both without dying or getting fired or ruining your business, do both.
if you HAVE to quit your job...
...be ready for the hardest shit you've ever done. YOU are responsible for EVERYTHING. business taxes, personal taxes, book keeping, staying within local, state and federal laws, making money, PAYING YOURSELF, all while having family and friends thinking they can interrupt your daily all willy nilly whenever they feel like it.
you MUST be organized and incredibly self motivated.
man, once i started to make a little money people started asking if i was a drug dealer, trying to get all in your business, etc. keep them at arms length.
for me it worked out better, but it's been amazingly hard at times. them county taxes aint SHIT to fuck with. file late and they ASSESSING your ass based on what THEY think you should owe. its bad when a sudden bill comes up when you weren't counting on it.