I didn't know where to post this, and I am sure there are 1,000,000 posts on this topic but I need to blow some steam off right now.
I am getting REALLY frustrated with people wanting cakes and then backing out bc if the price!!! I am a student and word spread in my major that I make cakes. I post all my cakes on my facebook and people "ooo and ahhh" over them all day every day. People tell me that they want me to make them cakes, then it comes to telling them a price and then they BACK OUT! This has happened 3x in a row. I am sorry but I have made enough of these things to know that I can not give them away, I need to make something on them. I don't know if they think that because they are my classmates (friends) that I am going to make a 3D cake which serves 25 people for $20. I don't think so. And I don't want to bargin with them and drop my prices. Oh yeah, then I have other friends who say, "Oh man! You can charge $300 for those cakes!"
Can anyone give me any input on how they deal with similar situations?
Thanks for your time.
I feel your frustration but College students are probably not your best target group. Nobody in college can afford that kind of cake. 
I agree with the first response....you are looking in the wrong place for clients. And whatever you do, don't lower your prices (or do it for free!) because then the word will really get around fast!
Ditto what she said.... Don't take it personally. Just start targeting the right age group of people.
I know how you feel I'm in college too!!! A girls behind me in my comp class saw me on this website 
and she was like oh you make cakes and I was like YEAH! Anyways she goes my sis is gonna have a baby shower can I you email me cakes you have done before and I was like yeah for sure. So I sent them and she asked a price on a specific one she like 2-10" rounds in the shape of a baby. And I was like 125.... that was the last I heard from her..... So I just say my time and all work is worth something to me if you dont think so then try somewhere else..... hmph...
I wish I had a quarter of your talent. Your cakes are super. I agree with the above cc'ers . hang in there and try a different group of buyers.
I don't thnk it's only college students - I have had the same situation occur a few times...People just like to take advantage - one didn't even pay me for my bubblegum cake...Everyone has been on my behind telling me that I am charging to low - which is true...these people don't know the time it takes to make the cakes - especially if you are doing them on your own in a small kitchen like I am...just start overchargin and then go down from there...see if that works. lol
Everyone is right about college students not having extra money. But the truth is the same with everyone. People like the look of a BMW but the price of one keeps them from buying. They like the look of your cakes but they can't afford your prices. Doesn't take anything away from the quality of the car ( or cake) just because people choose not to purchase one.
You will get customers, you are very talented. Just expect that people ( uncake educated) will ask for your service but decide they don't have the budget. You still rock so don't take it personally. As Debi says, "Next."
mommachris
Thanks everyone! Your comments made me smile! I don't know if anyone has done this but I just tried something new which got me a sale...
So the customer told me an idea she wanted for a bridal shower cake and told me to "run with it." So I design this fancy 3 tier number (4"-6"-8") and tell her $150. She says it's out of their budget. So instead of just letting the sale go (bc I need some extra cash), I downscale the cake. Instead of 3 tiers, I just do one 10" cake (this will cut down on baking time, torting, filling, icing, covering in fondant, decorating time, etc.) I charged $75 and it's a go head!
So, I didn't really DROP my price, I worked around their budget. Obviously, you are not going to get the SAME CAKE but it will have a similar vibe and still be amazing! 
Thanks everyone! Your comments made me smile! I don't know if anyone has done this but I just tried something new which got me a sale...
So the customer told me an idea she wanted for a bridal shower cake and told me to "run with it." So I design this fancy 3 tier number (4"-6"-8") and tell her $150. She says it's out of their budget. So instead of just letting the sale go (bc I need some extra cash), I downscale the cake. Instead of 3 tiers, I just do one 10" cake (this will cut down on baking time, torting, filling, icing, covering in fondant, decorating time, etc.) I charged $75 and it's a go head!
So, I didn't really DROP my price, I worked around their budget. Obviously, you are not going to get the SAME CAKE but it will have a similar vibe and still be amazing!
Fantastic compromise! Good for you 
Well, I just finished the cake and have concluded that I still charged WAY too less and could have charged the original price I asked for the 3-tier cake for this smaller one! UGH. I am really happy with the cake. I am worried that the customer will tell others about how "little" she paid for it and then other people will expect the same prices. NOPE.
Stick to your prices....you just can't give them away. My gosh, if people only knew what the equipment costs!!!
Jennifer
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