This is my first question here, but since I am used to the Stack Exchange format I will give as much detail about my problem without giving an overload of details.
In a nutshell I work with US weather radar data and decided I could make an app for storm chasers and emergency management. I have done research and know about what my fees to customers will be, and I have an expectation of how many signups I will have. During the process of creating this, I have also created some custom data that I realized I could sell to weather data provider companies. They will not compete with my web app, so this would be great extra income.
This is where the problem is. A company has expressed interest in licensing this data from me on a monthly basis. Besides the cost of my servers (\$1,000 to \$2,000 a month?) I do not know how much to offer this data for. The last thing I want to ask them is "how much would you like to pay?".
To them, this would be helpful as they can re-sell the data to their own emergency management customers. I feel like it would be worth about \$1,000 to \$3,000 a month on top of server costs. It's not super revolutionary data, but it's going to be useful for them and they might be expecting to pay $8,000 a month (random guess). I am afraid to ask for that right off the bat because they may laugh it off. I am not a bashful person, but I don't want to come across so far left field that they just say nevermind to the whole thing.
I am looking for any sort of advice on how to approach this problem. I think the main problem with something new like this is that the actual value of the product seems either somewhat arbitrary, or the actual value could be anything within a range from \$3,000 to \$8,000 or more.