Time of day = whenever the largest number of paying customers want it.
Frequency = at least three times a week, up to 5 times.
How many = 6-12. Depends on where you hold them. If you do it outside you can do more obviously. In my gym I did 8 people max.
Price = depends on your area. I charged about $20 per person per session (paid in advance for the 8 upcoming sessions). If you do an outdoor class that you can really fill up then charge $10 minimum. If you only do six, then charge $20. Adjust it according to your market... Find out your price point for your demographic.
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