I am a current pastry arts student and will be graduating in 2010...I am also starting a cake decorating business from home. I won't call this advice...just a little sample of what I'm experiencing. I go to school full time and I'm learning tons...but, I really just want to be an awesome cake decorator. Majoring in Pastry arts, I'm taking baking, chocolate arts, quantity baking, breads of the world, pastries, plated desserts, retail bakery management, sugar arts...and the list goes on.
With me trying to start my business, I spend a lot of time away at school learning skills that are great, but not necessarily what I need at the moment. But, on the other hand...taking the chocolates course and sugar arts has given me skills that I incorporate in a lot of my cakes. It also has opened another aspect of my business which is being able to offer showpieces in chocolate and poured and blown sugar.
On top of all of that, I have four kids and a hubby to manage. So, think hard about it. School can be time consuming and expensive but can also be a boost that your business needs.