There is always the problem of the newbie pricing well below the job's value. The original poster might trad a house for £10, new guy, with his new equipment comes along & thinks (especially if he's been given all the wfp hype) Hmmm, I can do that in 5 minutes, that'll be £5 mrs.!!
So that's half price to the customer! A few things can happen here, he might not do as good a job but he's half the price, the price of work gets ruined & can take some time to recover, he must get the work to pay for his investment & so (at this stage) is happy to work for the price he sets as he could always gradually increase it once he's netted so many customers.
If you still have the "want" to go forward you could-
1. Stay trad & market trad. Turn the tide on your competition & promote trad whilst also informing all the negatives of wfp, even if some are "white lies" Be aggressive, it's your business at stake!
2. Invest in wfp, even if it's a backpack & a DI vessel. Promote yourself with wfp & do the same as in option 1 but the other way round. Go after your competitions work while maintaining what you've already got.
In all cases- Be professional, look professional & be friendly & polite to all customers.

Been a good thread this, keep us informed.