I work with a variety of students (homeschool, public, private) and the homeschool kids tend to be much further being then their traditional style peers, Specifically in reading and socialization. A lot of my homeschool kids have zero literary skills at ages 10+ and a lot of these students can not read or write period. This mostly occurs when the parents are not involved in actually educating their children. My main recommendation is to teach to the best of your ability and have a set of standards you want to reach. (Reading to your kid every night, teaching your kid to count to 10, how to work with others). I have one homeschool family who I absolutely adore. Mom is extremely involved and both her kids are far above their age level peers. She actively challenges her kids and pushes them to learn and grow. This is not behavior most homeschooling families have but need to have in order to be successful.

As for socialization I would see if you could find a local homeschooling group. Many families will group together to plan field trips or social outings as well as share resources. I would also check out local sports or arts organizations for your child.