I agree with surrephoto.
You can't be too worried about new comer, you should be aware of the new and up coming talent, but don't compare your service to them. I made this mistake before and I am sharing with you that this is a downfall that everyone should watch.
In business, you have to always change and improve to get the best of you and hopefully the market would choose your service based on your work and not just the price.
Here is the value and price equation again...
When Value is a lot less than price = no job
When value is less then price = less job
When value is equal with price = enough job
When Value is higher than price = too many jobs
So you can increase your overall value or drop the price to tip the balance on jobs available to you. I always aim for value is slightly less than price so I can catch up with my value to increase my job assignment before I increase my price again. This is the process i go with until I reach a price point that I am comfortable with. But I will continue to increase my value regardless of whether I have hit my target or not... Mainly to ensure I am in front of my competition.
Unfortunately, when one is running their business full time, there are a lot of associated cost involve, more than a freelancer of course. Hence this explain why pro always more expensive then freelancer. Of course, those who charge more without giving value will soon realize they don't have much job.
Client don't care about your cost, they do charge about your price and the value that you are providing.
Another thing in business is, if you are always worried about the new comer, you shouldn't be in business as there is no solution to this unless manufacturer stop selling camera. But the camera price is just going to be cheaper and cheaper so the entry point is getting lower and lower.... So if you are going to worry about this... I think it is time to find yourself a full time job outside photography.
Be realistic about things that you can change and things you can't change... What is within you, you can change and you can't change that is not within you. If you could use what is within you to influence the market hence you are the trend starter, then you are set to change the market to your favor. For example, apple with their iTunes and iTunes store and the rest of what many would describe is expensive but lack of punch in offering... They simply change the value and price equation.
I hope it work out for you.