OK. I didn't expect this to happen.... I did two castle cakes this weekend, and a wrestling cake and two other birthday cakes. Next week I have a three tiered wedding cake and a couple of sheet cakes to go with that and 30 cupcakes for a school class birthday and a 1/4 sheet for a class renunion. and guess what?? I havnt even started baking yet, I made 100.00 off of the five cakes, I am only making 50 for the wedding cake and nothing for the cupcakes and 20 for the 1/4 sheet. How long do you wait before raising prices.
Just quickly - first of all, you are charging way too little per slice for a wedding cake. I charge a minimum of $2.25/slice and that's just for buttercream - Fondant is $4.25 and everything else is basically between those. And cupcakes...Girl - you should be charging no less than a $1.00 a cupcake and that's still pretty low! Also, I charge $29.99 for a 1/4 sheet and up from there. You definitely need to be charging more than what you are but also, without knowing exactly how your area is, it can be hard to say for sure. I haven't done any castle cakes so I'm not sure what to tell you for that...Maybe someone else will be able to offer you some advice on that. Good Luck to you!!
Tammi
Yes.. raise them prices girl!!
My basic breakdown..
celebration cakes filled and frosted with buttercream $2/serving
add filling add $0.25 for non premium and $0.75 for premium per serving
Fondant add $1.00 per serving
Wedding cakes come with one non premium filling and start at $3/serving
add a premuim filling.. add more
Fondant add $1/serving
Cupcakes
Basic frosted in buttercream with rainbow sprinkles $1.50 each
Fancy come filled and start at $2.25 each
Grocery stores get at least $1 per cupcake.. you need to charge more or you will really grow to hate this. All that work for little to no gain makes "Cheap Cake Lady" a dull girl.. 
Yes, waaaayyyy too low for wedding cakes. I charge $2/slice for buttercream only, more depending on if they want elaborate decorating. Don't short-change yourself on wedding cakes, they are very time-consuming and stressful. $2/slice is the bottom of the price range for my area, I'd check around Ohio and see what other places are charging and match that. And don't forget your delivery/setup charge! I have a wedding coming up in a couple of weeks and it's going to take me at least an hour to get there. I don't charge if it's a local delivery, but for 2 hours round trip for me, I'm for sure putting a charge in there for that!
Cupcakes are $1 each starting. I wouldn't go lower than that unless it's for family or friends.
I cannot help on the sheet cakes, but you may try to see how many servings it feeds, then charge for that.
I have the same problem with under-pricing my work, but I am trying to stop doing that. If you keep giving people great cakes for bottom basement prices, they will keep expecting it. That's why you're so busy!!
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