Assuming you meant The Frugal Cake Baker the name to me makes me think of cheap cakes. As in cheaply made; not good looking or tasting. I would re-think the name to something more positive and appealing.

In order to know if your idea is viable you need to write up a business plan. It sounds as if right now it's just an idea you're tossing around. You need to calculate your costs before you can determine if it will be worth it to you financially to offer cheaper cakes. Will you be baking from home or opening a shop? There are a lot of costs involved in a commercial endeavor such as this. It's not just the ingredients and labor, but marketing and advertising costs, equipment, delivery, supplies. And if you open a brick and mortar shop the costs skyrocket to include rent, maintenance, insurance, payroll, utilities, taxes, signage, etc, etc.