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What your time is worth is how much you "can" make. If no one is buying your art and you're working in a shoe store for $10 per hour, then your time is worth $10/hr. Many start up businesses work very, very long hours and make almost nothing. Forget about what your time is worth and concentrate on the "market value" of your work, comparing apples to apples. Your work may be worth $1,000 dollars to you, and you may have bills up the ying-yang... but none of that matters if other artists are willing to create the same quality work for less money.
So if your competition is "setting the price", 'sometimes' the only thing you can do to raise your "profit margin" is to lower your costs/overhead. Get rid of your cell phone, buy cheaper paints, etc. Profit is profit whether you're a big greedy oil company or a work at home artist.
But... there is a way you can get more money for your work even though it's the same style and quality as other artists who charge less. But that's a tip for another time... I've done my good deed for today and now I have to get back to work...
PS if you're over 18 join my group #Mind-ur-Own-Business
Great work!
One reminder though ... TAXES!
If you plan to earn a living legitimately, you’ll have to pay taxes on your earnings. These taxes vary from country to country.
I live in Belgium, so I have to double the desired amount (at least) and add 21% VAT on top. The 20 dollars an hour that you mention translate in 48,4 dollars an hour.