Yea, you never want to try to lowball price, because there is someone out there who will do it for $2/hr. You can’t do that. You can however compete on quality and the like. I tried doing something similar years ago and it went no where.
I won’t say it will be easy, but it is possible. Tip, go find the podcast “The Freelancer’s Show” and listen to that. It might have some good stuff for you. I actually know the guy who runs it.