My 'tuppence' on the subject is on the business side of things. Don't dismiss the fact that you are setting up "a business", sounds obvious, but it's easy to overlook the fact that having the tecnical skills and enthusiasm doesn't gaurentee success, you'll also need to pick up some business savvy. Be aware of client expectations, look into account handling, project management, marketing (traditionaly as well as online), public relations, financials and cash flow ("ugh" but fundemental) and any other business studies topics.
It's very common to see some of the best developers in the world not getting the recognition, money and projects they deserve because no one knows they're there. Conversely it's also frustrating to find shockingly bad developers in high places because of the incredible business minds behind them.
Bear these points in mind, as well as your abilities and enthusiasm and I'm sure you'll have much success in your venture.
All the best!
Dan
P.S. regarding the full-time committment, I'd say weigh up what you have to loose and if it makes sense go for it. I made myself quite sick by over stretching myself when setting up my own business by working a full time job at the same time, which was certainly not worth it. But then I had no wife, children, mortgage etc to lose.
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http://danny-t.co.uk
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