I read something recently about Awesome I Will Eat Your Soul Satanic Cat Spooky Halloween shirt that said if you want to charge what you are truly worth then you have to get away from economy customers and those that want to negotiate the price. It said to go out and meet the venue managers and caterers of higher end weddings/events. Through that and truthfully pricing out a cake by ingreient costs and your time, you will be able to charge what you want.
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Your pricing strategy realy depends on your Awesome I Will Eat Your Soul Satanic Cat Spooky Halloween shirt. If you spend that much time on a single cake, I would say you are selling quality not you having the best price. So the fair price would be the material plus your time plus equipment plus expertise. Study your competition pricing. Try their products and price similarly to something as good as yours.