When does it make sense to go back to school?

Originally published on July 5, 2015.

T. Cleo Austin says she realized at a young age that one of the simplest ways to achieve her financial goals was to change into her own boss, like her childhood idol Dominique Deveraux, a personality from the Eighties TV series.

Austin was also inspired by Oprah Winfrey’s multi-layered empire and decided to further her education so she could create her own empire within the health and wellness industry. “I often refer to myself as an Oprahite,” she says. Through her marketing strategy, Austin developed a method that may generate multiple streams of income: private practice, writing, public speaking, and product sales.

The 49-year-old entered the health and wellness industry after years in the company and entertainment worlds, where she held executive positions at high-end hotels and luxury automotive firms. She worked as a wardrobe stylist, prop designer and spokesperson for the ’95 BET Presents the Biggest Hip Hop Tour, which featured stars Jodeci and Mary J. Blige. Austin also founded a South Florida hip-hop club called the Undaground Compound, which lasted two years.

She says she knew each stop on her journey was temporary as she looked for her true passion. In 2009, while working at Allianz Global Investors, a colleague noticed Austin’s interest in metaphysical books and suggested she look into acupuncture. In June 2010, Austin applied to Pacific College of Oriental Medicine (PCOM) in New York City and commenced a four-year program the next yr, graduating in December. At PCOM, Austin will earn an associate degree in massage therapy, a bachelor’s degree in science and a master’s degree in acupuncture.

“I wanted to do something that better reflected my philosophy of life and working in a field I’m passionate about,” Austin says.

Now a full-time student, she takes six classes a semester and one clinical shift. Austin says the full immersion her studies require leaves no room for paid work, despite tuition costs that she says range from $27,000 to $36,000 a yr, depending on the variety of classes and clinical shifts she does.

“On top of that, there’s another $27,000 a year for living expenses, books and tutoring,” he says. After graduation, he expects the full cost of this advanced training to be $100,000.

Austin financed her education with student loans and covered living expenses with personal savings she had amassed throughout her profession. “I was able to survive for four years without working or receiving assistance except for student loans,” Austin says. “I don’t repay my loans while I’m enrolled in full-time studies. After graduation, I plan to repay the loans with income from my work as an acupuncturist and massage therapist.

Paying off debts, paying off debts

After graduation, Austin plans to work part-time at a rehabilitation center three days per week, devoting the opposite two workdays to constructing his private practice. He expects to earn $3,500 to $5,000 monthly in his first yr.

“These numbers are based on a business plan project in a classroom at PCOM. They are based on real-time data analysis of the acupuncture and other complementary and alternative health services industry. Health insurance (from my clients) covers rehabilitation, so I am guaranteed a small salary to supplement my income while I build my private practice. My expectations are conservative for the first two to three years.”

Austin is confident in her initial predictions because she already has some contacts on the clinic.

“As part of my internship at the clinic, I am starting to build a steady clientele. I also help out at workshops and internships organized by my school, where I meet hundreds of new potential patients each year. I take advantage of every opportunity to build relationships and, perhaps, have the people I treat as students follow me after graduation and become my patients.”

But a non-public practice is barely a part of Austin’s plan. She wants to offer her medical services abroad, specifically in Arusha, Tanzania. She volunteered with a nonprofit group and paid $3,500 for the trip out of her savings. The trip made such an impression that she included a nonprofit/for-profit enterprise in Tanzania in her marketing strategy after college.

“I am creating a charity event as part of African Integrative Medicine called the EAST Africa Music Festival, which will be one of the fundraising events for my AIM initiatives, including mobile medical clinics.”

Austin is working with schoolmates and friends in Tanzania. “I can’t go into detail yet, it’s a huge team effort, but a fee for my services has been agreed and I’m comfortable with that,” he says.

“Given my aspirations, I expect to earn between $7,500 and $10,000 per month in the future with combined employment.”

Austin has it all planned out “according to a strict business model I learned at school. Leaving no room for excuses—age, debt, time commitment—Austin made it a priority to take steps to maximize her earning potential through education in her 40s.

Austin’s combination of skilled experience, current training, and entrepreneurship is how she will strategically craft a plan to generate and sustain a marketing strategy. She suggests:

Do your self-analysis homework

Make an honest assessment of your strengths, weaknesses, likes and dislikes about being your individual boss. Ask yourself if you’ve the leadership qualities and are confident enough to construct a practice from scratch. You may resolve that being a part of a bunch practice or working for an establishment can be best. Try to answer these questions objectively, because it is crucial to know where you might be ranging from before you may plan your profession.

Continuing Education Plan

“Like medicine, new advances are emerging every day,” Austin says. “To keep my future practice relevant, I need to build into my business plan the regular updating of my qualifications. At the low end, I plan to spend $3,000 a year on continuing education; at the high end, up to $15,000 if I have to study abroad.”

Align your social goals with our business and life plan

“As is my case, I have a deep desire to continue my efforts in Tanzania,” Austin says. “So I’ve made it part of my business plan to develop different initiatives that will have a lasting impact on this community. When you start an entrepreneurial venture, it should be something you’re passionate about.”