Before you throw your name into the hat, perhaps you should take some things into consideration.
1) Do you want to be responsible for the story? Are you creative?
In my opinion this may be the most important question - do you enjoy creating storylines, background information and lore? If so, then perhaps the role of DM is for you. The main goal of the DM is to create and maintain the details of the story and events. While there are ways to involve players in this process, the brunt of the work does fall to the DM itself.
2) Do you have a strong grasp of the rules? Can you retain information?
A basic knowledge of the rules in any pen and paper setting is a must for the DM. You are not expected to know each book and supplement from cover to cover, but knowing the basics and knowing where to find things that are not so basic helps you to do your job.
As well as a basic understanding of the rules, are you able to give impartial snap judgments on things that are not readily available? Unexpected questions always come up about rules and situations, and you will need to be able to deal with that.
3) Do you have the time to prepare?
Depending on if you are running modules, writing your own adventure or creating your own home-brew world, do you have the time in between session to dedicate? If you are running modules, you will need to read them, that will take couple hours. If you are modifying already made material, that will take a few hours. Creating something from scratch may take a day or more.
4) Are you organized enough?
Being a DM requires a bit of organization, and some people cannot handle that. Can you record the sessions somehow and recap for your players? Do you have things for them to borrow should they forget their pencil/character sheet/dice/mind? Will you struggle to be ready for that 6:00 pm meeting time?
7) Are you quick on your feet?
The players will test you. They will do things you do not expect. Are you flexible? Do you have a plan B, C, D and 47?
8) Are you emotionally prepared? Confident?
Sometimes it can be a stressful job. Your players get angry at judgments, you sometimes feel unappreciated for works you put in, and mistakes are made or plans messed up that throws you off your game. Are you ready to deal with the rules lawyer? The inexperienced girlfriend tagging along? Sometimes you need to be teacher, coach, storyteller, policeman and judge. Will that send you packing after your first couple of sessions? Confidence will make the session more enjoyable for you and the players.
Are you still reading? Didn't toss your DM guide in the trash and walk away yet? Great, now we talk about why people would DM if they have to go through that kind of stuff.
The pros of DMing are fairly simple... you get to have the largest say in creating an adventure. You get to be the bard, the spectral historian, the god... or if you are that person, the Sim handler. You also get to wear many hats, so if you are the type that finds one role boring, you can keep track of countless NPCs.
The cons of course are that you have to put a lot of work into it, maybe more then your players will put into their characters and the campaign. As well as it is quite a bit of responsibility for the campaign itself, and your players in most cases.
But in the end, if you try your hand at DMing, and find it isn't for you, you can just quit. It is after all just a game.
I welcome questions, comments and your DM experiences in the comments section below! If you want weekly updates on DM related topics, subscribe to the feed to your right, and look out for our You Tube channel coming soon. Until next time, may your pockets overflow with treasure.