i am a professional self employed landscaper, not a smith but an artistic hobby turned full time job. I price as high as i can because:
no one pays your pension, sick, holiday etc,
if u sell it cheap people do not respect it,
you are not forcing them to buy it, so if they dont like the price they can go elsewhere or go without
if you charge too much u can drop your price if u charge too little u rob yourself
if u charge a cheap price will anyone charge u less for groceries, car repairs etc.
however u must distinguish friends from customers. i dont work for friends because if you charge full price they get annoyed, if u dont they think you and your work is worthless