I tell you what, I don't think I'll ever learn.
Here's a little story...
I have a large and fairly detailed cake due on Friday. A lot of the elements for this cake are things that I have not attempted before. This cake is 3 tiers, stacked, 3 different flavors and 2 different fillings, with 12 "scenes" ? covering the sides of the cake. So like 4 sides x 3 tiers = 12 scenes. Each scene is to have 3 D elements plus icing details. The topper is to be a large chocolate #60. Things like golf, hunting, fishing, wine, cigars, gambling, race cars, cooking, etc, etc.....
Now ask me what I quoted for this cake ... go ahead ... $275. Yes, you read that right. Now, once you get off the floor (from either laughing at me for being such an idiot or passing out in shock) tell me something. WHY?!?!?!?! Why do I undercharge my self everytime? I am worth more than that. My time is worth more than that. I think I am a decent cake decorator (not like some folks here of course) but still everytime (ok, 9 out of 10) I undercharge. Some of it has to do with the fact that I never seem to do the same cake twice, so once I learn that I have undercahrged I tell my self that next time I'll know what to charge... but then no one ever orders that particular type cake again. So, when I quoted this lady a price, I was grasping at air trying to guess how long it would take me. No idea that it would be so involved.
Oh well, anyone else still going through this - even after being on CC and reading all about why we shouldn't undercharge?
Someone come beat me with a piping bag, will you?
Sorry so long - I got carried away 
Well, I'm new to CC and new to the "biz". But I love the show Ace of Cakes. And the one time that I heard them mention a price it was for a superman cake and they didn't do it b/c the ladies check bounced. He was going to charge $3000.00 for the cake. I couldn't believe my ears! But then I got to thinking. You know he crafts and scupts and does all sorts of things to those cakes. He should get paid. And you know...people pay it.
I'm really bad about under charging. All I've sold to so far is my friends. So I give them a break...plus I think I'm new haven't done this so I don't charge much. Then at 1am when I'm still working on their cake b/c I want it to be perfect I ask myself WHY ...WHY didn't I charge more.
So YOU GO FOR IT!
Your time is worth it.
(Sorry I got long winded!)
I have been struggling with this issue too. But... I am Middle class sooo that is the people I relate to. (middle to lower class) I want to give them a great deal and a great cake. But no one in my circle could pay $1000-$3000 for a wedding cake. I only payed $700 for mine when I got married. so it makes me think really hard sometimes too.
I'm taking a break from this overly time consuming cake!!!!!! I have lost count of the number of hours I have spent on this one cake. 
I'm just so sick of it that now my work is suffering. So - a break it is.
I'll be posting pics later - or maybe tomorrow, when I finish.
This cake (so far) is 3 tiers (14, 10 and 6) stacked with the bottom being almond pound cake, the center being chocolate velvet with raspberry filling, and the top being red velvet. All of it is covered in chocolate fudge buttercream. Then there are all the little bits and pieces I have made to go around it. There are way too many to list. LOL But right now I am needing inspiration for mountain climbing, race cars, and african safari. That's what I have left to do tonight. So I'm off to the gallery to look around.
Well - this post was really just for me to blow off a little steam. So if you actually read this - thank you! Look for my pics tomorrow, will you?
ok they are posted and I started another thread about the details of the cake. thanks ya'll!!!
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