Just to get an idea of the way stuff is out there, how much on average do you think is fair to charge? Someone who taught me a bunch earlier on that they charged what they needed. Pretty vague. You guys have a better rate scale you could share?
There are so many variables here but I will try to answer the question.
First, where are you located? the rates will vary all over the place depending on this. In New York City I know a magician that charges $500 for a b'day party, in Los Angeles you couldn't get over $100. The reason is in LA there are so many amateur magi that everybody is cutting prices.
Two, how good are you. A good magi can get more than a mediocre one. I am in Cincinnati OH, the average rate around here is $150 for a b'day party. I charge between $175 and 200 for a one hour party, when people say "x is only $150" I say "you can't buy a Rolls Royce for the price of a used Ford." I am busy. But I have spent 17 years getting a GOOD reputation.
I would have a friend (an adult if you are not one) and price parties from other magi then set your price accordingly. Don't do what an idiot here does. He set his price at $85 an hour so he undercuts EVERYBODY. Yes he is busy. He works his butt off and he is broke with no social life other than those he is paid to attend. Also he can not show up at any gathering of magicians or other entertainers because he is hated so much.
Break a leg