As a homeschooling veteran, I can tell you this: you CAN do it IF you love your kids. That's what it takes: dedication to your kids. You will develop the skills you need as you need them. It's like juggling. When you first learn to juggle, you juggle just one thing. Then you ad another. Then you add another.
You'll be happy to hear this. Homeschooling may actually be easier than not homeschooling. Soccer moms are constantly driving, getting their kids to lots of different same-age activities. If you were homeschooling, you'd be able to find and do activities that work for all of you together.
Instead of spending evenings helping with homework, you will spend mornings going over academic subjects, using curriculums that are tailored for self-study. Your evenings will open up.
If you have a large family, you'll probably want to rely on unit studies. These are studies of large topics, such as ancient Egypt, which can be treated differently for kids of different ages. You can read all of them a novel about ancient Egypt, for instance Mara, Daughter of the Nile. A younger child would write a sentence about it, and an older one a three-page paper with bibliography. The kids can do art projects and learn about measuring the height of pyramids using similar triangles. The unit might last a month or so. There are many available for purchase on the homeschool curriculum market.
You can expect to use workbooks and curriculum made for homeschoolers, to make sure your child learns what he should for his age and grade. Typically these curriculums include an answer key--you don't need to be the expert. In fact, homeschoolers become adept at learning from the book, rather than from a teacher. Their reading skills are well prepared for college.
You can also find correspondence schools that teach for you. Some use videos or online teaching. Others use workbooks.
How do you structure your day? Many families do the tougher studying in the morning, leaving the afternoon for projects or play. There are plenty of organizations these days with daytime classes for homeschoolers, if you want to sign up for something outside the home. You could even send your kids to organized sports with schooled kids in the late afternoon, if you are willing to do some driving! Watch out how much of that you sign up for though! You have to be careful to avoid burnout.
But you do want your children to be "socialized." Here's a question homeschoolers get all the time: "Aren't you worried about socialization for your child?" Here's the answer: you have the ability to choose whom your child socializes with, unlike parents of schooled children. You do have to go out of your way to set it up. And you can count socialization with adults--that's the best kind, after all. Adults are generally well-mannered and kind. Unsupervised schoolkids often are not. Homeschooled kids are usually quite comfortable talking to adults! Don't you want your kids to be like that?
Your kids will enjoy a homeschool co-op. These might meet once a week for classes, or go out for field trips periodically. Kids learn appropriate social interactions because they are well supervised. You can find a co-op by networking with other homeschoolers. Your local homeschooling convention might be a good place to start. Keep networking until you find the co-op that is right for you--or start one.
Something else you will need is support. You need someone to talk to who is going through the same challenges. The Internet has been quite a blessing to homeschool moms, who can support each other online. There are many discussion forums attached to homeschooling Web sites, for instance, www.welltrainedmind.com. There are email groups for homechoolers too--look through the groups at groups.yahoo.com.
The answer to the homeschooling question is simple: yes, you can do it.