If your cakes are good enought to be requested, then they are good enough to be sold!!! Price your cakes accordingly! 
As soon as possible!!
I even charged my family members...granted, they got a discount but I needed to at least cover my cost. Now when a family member requests a cake they usually say, "Charge me what you would charge anybody else." They know the time and effort that goes into every cake!
It does get easier to not feel bad about charging more. You will finally reach a point when you realize it's not worth messing up your kitchen and putting in all the hours to charge $10-$15.
Best of luck to you! We've all been there before! 
I gave away quite a few cakes....and provided cakes for church and community events for about 4 months before I "opened for business"! LOL I still donate from time to time in new circles that I'm involved with. It was and is a wonderful way to brighten someone's day and get some exposure at the same time. I've dropped a small cake off at the bank drive thru before......they go wild! LOL
If people are coming to you asking for cakes......have a price sheet ready to hand to them. The world will get out~~~ A cake or two at a social gathering and you'll be surprised the orders that will follow.
Best to you!!
I started bring my practice cakes to work & doing family b-day parties for the kids but now I am making a large sheet cake for a baby shower (that I was helping give). Instead of paying for food, I'm doing the cake as my contribution but I don't want them to get the wrong idea & think I'll start making $50 cakes for free. I told my cousin, who requested a b-day cake for my aunt that I would start charging after the first of the year...maybe by then I'll have their total respect & they will gladly pay me for my time.
Right now I'm still just trying to get as much practice as possible and my name out. So it depends on who is asking me to do a cake. And when I do charge, normally its just a little over the cost of supplies for now. Its all up to you and what you feel combfortable asking.
If I offer to do a cake, it is free. If I am asked to do a cake, then they pay for it.
If you feel you still need or want some practice time, make an arrangement to atleast get enough for your supplies and some of your time. It doesn't mean you have to jump into it charging a big amount in the beginning.
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