First you need to be able to accurately cost your cakes. Business-wise it’s referred to as C.O.G.S. (Cost Of Goods Sold). This is the most basic level you need to understand, even before the value of your labor/time. If you are spending $100.00 on fondant, you are not likely using all of the fondant on that cake. So in actuality the cost of fondant for the cake is not $100, maybe just $45—and shopping around for better pricing on fondant can also help keep your costs down and keep more money in your pocket.
Costing out everything includes: the cake recipe to the amount of cake your producing per order, the butter cream/frosting/filling, the cake boards and dowels, gum paste, fondant and coloring. I can’t emphasize enough how important it is to understand your costs intricately so that your business doesn’t lose money over time.
After you understand the COGS for your cakes, then you can value your time and efforts as many previous posts have enumerated. Also, I noticed that you have a FB page, but no links to a website. I know these can be pricey, but having a solid forum for people to reference your stated cost AND see your work is invaluable. If the cost of a simple website is too much for now, use a free blog site to advertise your business. You can set it up the same with pages for examples of your work and services/pricing that you offer.
Lastly, you have to take into account the demographics of the people who are likely to patronize you and the general socio-economic status of the region you’re in. Selling NYC style and priced cakes in a rural area won’t work, no matter how good you are. Pricing also has a lot to do with perceived value and if you under-price your goods, you may not get business either. Look at your competitors in the area, what they offer and at what prices, see if people are generally happy with the quality of their goods and price yourself accordingly.
These things will help you to accurately price your work and allow people to see the value of the cost of your work. Not that we should ever say it to a client, but you get what you pay for…