How To Price A Cake

This is one topic, and a very significant one, that I struggled with when I started out, I know many cake makers, particularly when they get started also really struggle with knowing how to price their cakes.  I have seen so much information online about this and most of it is utterly confusing or plain wrong. 

If you are just making cakes as a hobby or for a bit of pocket money, then by all means charge as little as you want.  But if you want to make a business out of your cake making and actually earn a living, or even want to grow it into something more, then you need to charge properly for your work so that you are making not only a wage for yourself but also a PROFIT!