Pros and cons of homeschooling your children...?

I have four kids( Emily is 5, Lily is 4, Elizabeth is 2 and Samuel is 1 month old) and we live in an area with a bad school district. Emily is going to be in kindergarten in the fall and I am thinking of trying homeschooling for her. I was thinking of just getting her involved in activities outside of school and finding a home school group in my area so she can have socialization. What are some other things I can do to make homeschooling work?