I know my prices are low right now but I read somewhere on here that as your skill craft goes up then start to slowing raise your prices every 6 months to a year. And also to never try and undercut the local bakery. And this is what I do. I had a young lady that wanted a cake similar to the one I made for her niece but didn't want to pay the price & just let her talk through it because I knew the price was a steal..it was a 2 tier 8"& 10" fondant cake for $55. She end up getting the cake and payed the price & was happy when she got the cake. I was not going to bargain on the price.
Also while using the software I learned that my prices are incredibly low. and I will be making adjustments soon. For example: I was only making a profit of $8.35 on a 1/4 sheet cake. So those prices will be raised soon. (Little by little)
I'm still in the process of getting my name out there so more people will know what I do. But I can't honestly see myself stressing over the loss of one customer when I know how much heart and soul I put into each and every cake I make.