4 dollars:

There are many pros and cons you may want to sit and jot down before you make your final decision. I apprenticed and became a baker over 25 years ago. I loved working in the bakery doing all lines of baked goods. I really enjoyed cake decorating. For the past 23 years, I have made cakes out of my kitchen. I live in a small rural area, where there is not enough demand to keep me busy full time. Recently, I was approached (by a bakery of all things) to do similar contract work like you are speaking of.
Many questions have come up.
One of the biggest issues is getting cake orders straight. I'm working with someone over the phone or via e-mail as a 'middle man'. I would prefer speaking directly to the customer. The 'middle man', calls me to see if such and such can be done for a cake, then get's back to the customer, and then get's back to me. 'Middle man', knows very little about cake decorating. They asked me if I could put two cartoon characters on the cake. (An eight inch round layer cake?!)
I would have rather worked on a quarter sheet cake!
Another issue is how am I going to get paid. I make the cakes in my home, deliver the cakes to the bakery, and give them an invoice.
I get paid every 2 weeks. I have just started.
I will have to fill out a 1099 form. No taxes will be taken out, therefore I will have to save every receipt and count every mile I drive and figure in every expense I come across with these cakes I am making.

As for my name? I don't think the bakery is using my name directly, but I think I have been referred to as the cake lady/cake decorator. I have given up a piece of my name, but I am making more money this way, moving more volume of cakes then I would have otherwise. (pro vs. con)

Recently, another question came up about 'packaging'. I usually just grab some clean boxes from the grocery store and recycle/re-purpose the boxes.
The bakery wants me to use nice, new, white bakery boxes. I can only purchase by 100, or 250 count. I will never use that many boxes in my lifetime! (I haven't solved this issue yet!)

Two years ago I made up 200 business cards and printed them out on my computer at home. It was one of the best things I have ever done. I made up a poster (again, on my printer, out of card stock), cut a small pocket to hold the business cards and placed them around in various businesses. It really got the word out and increased my business dramatically.

I live in an area where there are few bakeries and even fewer cake decorators. Brides are coming to this area to have their weddings, paying 5-6$ per serving of cake and paying an additional $100 delivery fee for their cakes.

I feel that charging $4.00 per serving, is making me a profit and keeping my prices fair. People have been happy to pay that amount.

If you are getting into this as a business, research your area. Treat it like it's a business. If you are going to put your name onto the business, then you should be able to set your own standards and don't under cut, under estimate yourself. You have a learned skill/craft that you have spent time on developing. (Yes, I looked at your cakes, you do a fine job!) Treat yourself like the artist/craftsmen you are!

I hope this helps, and gives you some ideas, I hope it doesn't sound like me just rambling! Good Luck to you! You can make your own dreams come true! Just do it!