an offer is made...sort of

So I met with the guys Monday and we talked websites...blah, blah, blah. (I actually did get out of here about 4:15 and made it there by 4:45, avoiding rush hour) And then we talked money. I'm not getting paid much working on their website b/c it's a time investment for me, I know that. But they did say they would like to offer me a part time job hopefully in a few months, making about 1/2 of my current salary. So that's great. But, what about the other half? That's the scary part.
I laid it out straight. We can't afford for me to take a pay cut. It's not just me, it's me and Joe and our house and our future. So I just can't. They understand. But now it's up to me to make up the rest. Can I do it? Should I try? Should I leave my salaried position with 401(k), dental and disability for the unknown?
The offer hasn't been made yet, but the offer of an offer. We talked about it and it's what they want in the next few months. Am I ready? I don't know...