About 6 months ago, I started a full-time job as an engineer. I wanted to pursue both my profession and freelancing side by side and got advice from the forum. Resultantly, I increased the time for my order deliveries.
3 months into the job and I was staying awake late, risking my health and working hard to complete $5 orders. I searched for ways to minimize the work load while earning extra $$ from freelancing but raising the price was not an option as it meant lesser orders (lesser work) but also lesser money.
Looking upon my repeat buyers, I found out that none of them paid me $5 for my work it was always more than that. Which meant that if I were to raise my prices, my repeat buyers will stay.
I gave raising the prices a chance and now, for a few months, even though the number of clients I get has decreased immensely, I get higher budget orders which make my monthly earnings almost the same as before. Which means that for less than half the work, I get paid just like before.
Moral of the story:
Raise your prices depending to what you think your work is worth and those who find value in it will buy from you. You will also, as a bonus, get rid of the clients who want the world for $5.