I home educated my three offspring right through their teenage years after my son expressed his extreme unhappiness at school, aged nearly 14.
Onward and rooftop are completely right.
Home Ed is the best option for many unhappy teens.
Some do work towards GCSEs and complete them whilst home educating- there is a yahoo list that might help you think this through here
Remember there is no rush to 8-10 GCSEs in one go, when you are home educating-if you do any at all!
It is a myth though to believe you have to do 11 years in a classroom in order to get GCSEs, that you have to have 5 or more GCSEs to do A levels or that you need A levels to get into University.
Some home ed young people wait until 16+ and then go to FE college for free. My son did that and did 2 GCSEs one day a week, the rest of the time he remained home educated, then he used those to GCSEs and interview to get onto the A level courses wanted.
But many other home ed young people don't bother with GCSEs at all-some don't do A levels either, sometimes getting themselves real life experiences which ready them for the world of work (as my elder daughter did)
Others use the Open University courses to demonstrate an ability to study to University level. (My younger Daughter started this aged just 15-she has choices now whether to go on and do A levels at FE college or whether to do her whole degree with the OU) We know plenty of other home ed youngsters who have used the OU this way, including one young man currently doing Law at Oxford without a GCSE/A level to his name.
My stepson, didn't do well at school at all (and I didn't know home ed was a legal viable choice then) but he went to Uni via an access course, as a mature student, without any qualifications to speak of and came out with a 2:1.
I'd also agree with reading some of Sandra Dodd's writings and see if you can get hold of Grace Llewellyn's Teenage Liberation Handbook :How to quit school and get a real life and education It is an American publication, but really opened my eyes to the freedom that home education can bring. It is actually written for Teens to read-but wow it was an eyeopener for this parent!
Lastly I would suggest joining the email support list on the EO webpage, listed by Onward. EO Yahoo email support You don't have to be a member of EO to join that group.
There is also HE-UKanother website with a wealth of information about home education, and it's associated email support group
On both of those support lists, you will 'meet' a whole wealth of home educators, who would be willing to talk this through with you, although the actual home educators on here will be very willing to keep supporting you, we all started this somewhere.