What makes a good logo?

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A good logo is distinctive, appropriate, practical, graphic and simple in form, and it conveys the owner's intended message. A logo should be able to be printed at any size and, in most cases, be effective without color. A great logo essentially boils down to two things: great concept and great execution. There are five principles that are strongly suggested in order to create a good logo.

Simplicity makes a logo design easily recognizable, versatile and memorable. Good logos feature something unexpected or unique, without being "overdrawn".

Following closely on this principle of simplicity, is that of memorability. An effective logo design should be memorable, which is achieved by keeping it simple, yet appropriate.

An effective logo should be timeless. Will yours stand the test of time? Will it still be effective in 10, 20 or 50 years?

An effective logo works across a variety of media, and applications. For this reason, logos should be designed in vector format, to ensure that they scale to any size. Ask yourself, is your logo still effective if it is printed...
In one color?
In reverse color (i.e. light logo on dark background)?
The size of a postage stamp?
As large as a billboard?
One way to create a versatile logo is to begin designing in black and white. This allows you to focus on the concept and shape, rather than color, which is subjective in nature. Also keep in mind printing costs: the more colors you use, the more expensive it will be for the business over the long term.
How you “position” the logo should be appropriate for its intended audience. For example, a child-like font and color scheme would be appropriate for a logo for a children’s toy store, not so much for a law firm.
These tips and tricks will help get you started with creating your own business logo that looks classy and professional, and will be sure to get your company noticed.