Muse Idea - Competition?

[Rilasis]

So I had a muse idea that I thought had alot of potential, mainly because I couldn't find any competition. However, after looking around for a while I found someone with an etsy website that sells a particular wedding gift for about $25. These will cost about $10 to make, so I was hoping to sell them for at least $50. The competition isn't even on google...it was very hard to find her website. However, she posts on facebook and apparently she will be in Martha Stewart magazine soon. Would it be a bad idea to try to sell my product for $50 anyway? I guess I'm just worried about the investment for the advertising and website.

[Want2MeetTim]

The thing about etsy is that it cuts the middle man out completely. People sell items that they make themselves. They are able to keep more of a profit because a. they're not really advertising b. they're not having to sell these things to someone else wholesale to sell.

Do you think the product you want to sell is worth $50? Is there anything that's different about the one that you will make? Would you pay $50 for this item? Without knowing what the product exactly is unless there is a clear difference I'm not sure that I would pay $50 for yours if I could find it for $25. She may be launching her own web site and will now have Martha Stewart advertising her stuff to boot. I think if there's no competition then it's definitely worth investigating but maybe rethink your pricing. Could you sell more for less?

[Rilasis]

Basically the product is a coat hanger that is bent into the shape of someone's name on the bottom part of the hanger. The product looks very nice and every woman I've talked to said that she would definitely want one for her wedding (more for wedding lingerie or bridesmaid dresses) but it could also be for children's clothes. They are somewhat time consuming to make and women tend to go nuts on buying wedding stuff, so I thought I would be able to get away with $50. Maybe not. Now I'm also starting to think it wouldn't be easy to advertise or automate either. Blehhhh. I'll keep thinking of other ideas.