How should I price my excavator rental services competitively?

Hey there, I’m Sam, the owner of a small equipment rental business. We’ve recently added excavators to our fleet and I’m trying to figure out how to price these services competitively. I want to ensure our rates are fair for our clients but also allow us to cover our operational costs and make a reasonable profit. With the market already so competitive, I’m unsure how to strike the right balance. Anyone with experience in this field who can provide some guidance? Your insight would be greatly appreciated! Thanks.