Presentation Feedback

I have just presented my business plan to the tutors and a few class-mates, and the feedback that I got was that my giclee prints and greeting cards are priced too cheap. I am selling my 20x16" giclee prints for £45, and my 16x12" giclee prints for £25, greeting cards £2.50 each or 3 for £6. It was suggested that I put my price for 16x12" prints up to £30 or maybe even £35, put my prices for 20x16" up to £50 or £55, and cards could be sold for £4.50.

Here is how I have worked out the costs for the products...

I have been told that for the time, I should be paying myself at least minimum wage, which my tutors told me is about £7.80 an hour. But, for my age group 21-24 it's £6.95, however is £7.20 for 25+ (National minimum wage and national living wage rates, 2016). So maybe I should put the time up by £0.20 to meet that wage. 

For the time-being, I am quite happy to keep my prices as they are. However, I will increase the prices in the next couple of months.

Giclee Prints 16x12" will be increased from £25 to £30

Giclee Prints 20x16" will be increased from £45 to £50

Greeting Cards will be increased from £2.50 or 3 for £6 to £3 or 3 for £8