How should I set commission prices for custom Funko figures?

How should I set commission prices for custom Funko figures?
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Custom WorkstationAs you can probably tell from my profile, I've just started customizing, and my only finished pieces so far have been a few custom Funko figures that weren't terribly complicated. Well, I tweeted my recent Funko FemShep (Mass Effect) at some Bioware people and they shared it around, and then Jennifer Hale herself retweeted it, and now I have at least one person who's willing to pay me to make another one. That's really cool, and now I'm thinking more seriously of starting an Etsy shop, but I've never taken a commission for anything before and I'm not sure of the best way to start or how to charge. A flat rate? Parts + labor for anything complicated, and just don't accept any commissions I'm not positive I can do? Ask for payment up front or on completion? Good to send regular progress updates, or might that get annoying? As I do with most things, I'm probably overthinking this, but I'd like to do it right.

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Military on eBay
Basic info I tell everyone is to charge for:
•All parts you have to buy
•All shipping
•Sometimes for supplies too, like if you have to buy some goofy one-off color paint you'll never use again.
•After that, charge your labor fee.
That fee is up to you, whatever you think your time is worth. I charge like $50 starting, and it rises with complexity. Sometimes I charge like $150, but I still only get like $50 because everything else goes to parts and supplies haha.
I charge half the total up front, the other half before I ship.
As for WIPs and stuff, they usually ask for that on their own, I snap them anytime they request them.