You're in business to make profit. However, that doesn't mean just charging an arbitrarily high rate.
Competition is good - it means that there's money to be made doing what you want to do. Do your market research and make sure that the niche you've chosen is profitable, and then make sure that you are packaging your offer accordingly.
Selling your services by hour or by session is not going to help you in the long run. Set one rate, with one package. No more piecing it together.
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For your free copy of my 4-step framework for building a business for profit, purpose, and pleasure, visit my website at sahmentrepreneur.com.
