1. Are you willing to give up your weekends and flexibility? Because you'll be giving up at least a part of each weekend for cake pickups and deliveries. People have weddings and parties on the weekends, which means that you'll be working for at least part of it.
2. Are you willing to go through the process of finding out what you need to be legal and doing the paperwork for it? Because if you think that's too much work, the rest of the record-keeping and paperwork that goes along with running a business is going to be torture.
3. Are you willing to be polite to someone who you CLEARLY know is lying about how dry the cake was/how it fell over/how it was the wrong color because they're trying to get a refund? If not, work on your customer service skills before you have any customers.
4. Are you willing to stick to your pricing (that you carefully figured out using a thorough system like my pricing guide) even if people tell you that you're too expensive? Do you feel like you need to make everyone happy and that everyone "deserves" a custom cake? If you do, get ready to be earning less than minimum wage, and that's no way to run a business.
5. Do you intend to only do cakes that you like, and to refuse to do anything you think is "ugly" or uninteresting to you? If so, you'll be turning down a lot of business because people want what they want. 90% of wedding cakes aren't super interesting, but they pay the bills, so you need to recognize that when you're making a cake for someone else you're making THEIR cake, not yours.
If any of the above points makes you want to put your hands over your ears and go "nah nah nah nah nah," you're not ready to start a cake business. Keep cake decorating as a hobby that you can enjoy. Don't turn it into work, and that's what a business is...Work.
If you're a working cake decorator with anything else that people should think about before starting a business please add it in the comments below!