Hi Tascha
There are a few ways that you can be induced

Breaking of your waters
This involves using a instrument that looks like a crochet hook to tear a hole on the sack that surrounds the baby.
It can only be done if your cervix has started to dilate.
It could scratch the baby
There is a slight chance of infection
It may not work and thus lead to other interventions

Prostin (gel)
This is a gel that is placed next to your cervix.
Contractions are often more painful than if they start naturally.
It has a very slight chance of causing uterine rupture
It can cause constant contractions of the uterus (a potential life threatening condition for the baby)
Labour is often shorter
Most hospitals will require you to be on a monitor frequently
It may not work and thus lead to other interventions

Syntocinon Drip
This involves putting a needle in your arm/hand and putting a drug into your blood stream
Contractions are much more painful than if they start naturally.
It has a slight chance of causing uterine rupture
It can cause constant contractions of the uterus (a potential life threatening condition for the baby)
Labour is often shorter
Baby may receive some of the drug via the placenta
Most hospitals will require you to be on a monitor constantly
It may not work and thus lead to other interventions

This is all i can think of off the top of my head. Have you thought of trying the more natural ways to help bring labour on such as sex, nipple stimulation, EPO, Acupuncture.