The biggest hurdle, actually making money from cakes

As I climb the very steep learning curve of running my own cake business from my home I’m facing my biggest hurdle yet, pricing. Is there actually any money in cakes? There must be because people like Peggy Porschen and Bakerella obviously run very successful businesses, but what about in the time it takes to build the experience? Do you just need to work really hard for very little return? It’s beginning to feel a lot like that!
Looking at my half finished business plan I think I may have missed a few fundamentals such as working out profit margins and costing everything properly. I kind of had the attitude of ‘I’ll just sell some cakes and make a bit of pocket money’ but after working every hour god sends, whether its baking, looking round at prices of boxes or trying to configure my edible printer, I have got to a point where I need to make this a business, not a hobby.
So I need to price my cakes properly, which is harder than it sounds. I need to be paid appropriately for the work but not price myself out if the market! Then I need to stick to them, stop giving everyone I know friends and family discount and actually make the cakes I’m paid to do rather than elaborate projects that take me days to finish!
But actually the elaborate projects that I’m still decorating at 3 in the morning seem to be the most satisfying! Despite getting about £2 per hour!!

This halloween cake took me ages, the couldron and witch were both actual iced cake not just blocks of icing, the eyeballs were mint chocolate poppets that I iced and painted, the ghosts were iced marzipan balls, the pumpkins were marzipan too and the broom was a chocolate orange matchstick!

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