Pricing Rule of Thumb

These are minimums I'd recommend charging
COST of materials x2 = Wholesale
COST of materials x3 = Retail

Wholesale is if you are selling it to someone else to make money (eg a shop etc)
Retail is if you are selling it to the end user

These are recommended only and minimums only.

Never be afraid to charge more money. Although you may be frugal that is not your target market. You are selling a premium product and are NOT competing with other paraffin wax candles. I can go into a $2 "junk" shop and get cheap candles... that don't smell very good... but the people who are going to buy a SOY candle aren't the same target market.

Just think of it as David Jones vs $2 shop. Or Enjo gloves vs cheapie clean up gloves or a Mercedes Benz vs a Hyundai Getz. etc etc.

I have a Bachelor of Commerce degree in Marketing and have run my own businesses.
"Don't compete on price" is something I've learned at "school" as well as in real life. You charge bargain basement prices, you'll get bargain basement clients. You don't want these clients as they tend to be the people who if you give them an inch they will take a foot! (Something like that but you know what I mean).

Take care and happy candle-ling!
Yvonne