whatever you do take action. i am completely frozen right now. don’t become a deer in headlights.

1.) Franchises are proven business systems & cost from a few hundred thousand dollars to a million+ to start. The advantage is that you own a proven business system, with built-in training. The downside is that you have a lot of expenses, taxes, employees. It may not pay you much for several years, and you can’t deviate from the given business system.
2.) Starting from scratch is for people who want to invent their own wheel. Advantage is that if you have a great idea, and can implement it, you own it. Downside: Small business owners or self-employed people usually work 60+ hrs/wk. and have a big tax liability. Intellectual property liability as well as employee issues like hiring & firing come with it.
3.) Starting a network marketing business. Advantages are, the up-front cost is usually under $500 which includes training, you own a business system, you have very low overhead & no employees, there is no cap on your income, and the average work-wk. is about 15 hrs. Downside is, you have to be self-motivated; you have to sift through the crazies who tell you you can earn a million dollars overnight without doing anything, and find a solid, ethical company that’s been in business over the long haul.

You’re right - routine certainly help with emotionally stability.

I tried starting my own business, but learned that I had neither the temperment nor the financial resources to really get the business rolling much past the grand opening. My advice: avoid this option unless you are a consumate salesperson and have the money to shore up negative cash flow for at least five years. Do not borrow money and do not use your retirement money. I lost most of my savings, my retirement, my house and my family.

With what I have left, I am living in a friend’s house rent-free and attending a year-long trade school in the hopes of earning an income again. And it is nothing more than a hope, my being over 50 years of age. After school, I will be flat broke. If a job does not materialize, things will get extremely ugly.

If I had known when I was laid off what would happen, I would have dramatically downsized my living expenses and retired early. I would be living much more modestly than I was; but then, I would not have been facing homelessness.

If you don’t have that option, maybe you could lean heavily on friends, compensating them in any way you have available, and holding out until you can collect Social Security.

I have gone through hell, emotionally. School has got me back into a productive routine and helps me to cope better. Find something to do on a frequent and regular basis, even if you don’t get paid for it.

You need to identify the realities and see which fits with your goals at this stage in your life.