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Talk it out with your partner first. Think about the reality of the situation with a newborn... diapers, breastfeeding/formula, daycare, time off from work, going through all the things you did with your first all over again. If you both think you're ready for the challenge and you both really want to add another little person to your family, then it must be time!
I agree with everything that Stefanies said. Also think about if you can afford another child. Plus think if you are emotionally ready for another. If you do have another I recommend waiting until your current child is potty trained. I am having the difficulty of potty training two kids, because I had 2 boys only 15 motnhs apart. (only because my birth control didn't work properly)