Choose colors including black and white that reflect your corporate identity and appeal to your potential customers and clients. Your logo may be reduced, enlarged, colorized, or printed in black and white over the course of your business, so make sure the logo you pick will look perfect in any incarnation.
Don't choose the wrong icon. This is a business decision. Don't fall in love with a logo that you know is not right for the services or products you are selling. Get feedback. Show your logo to respected friends, family members, and acquaintances. If they don't respond positively, ask them why. Ask what the logo says to them. If it's what you want people to say about your company, you could be on the right track. 
Your logo must look good on a variety of promotional materials, including letterhead, business cards, signs, stickers, magnets, or even a web site, so make sure it is versatile. Also, be sure it will show up when faxed or photocopied. If you are opening a law practice or offering bookkeeping services on the weekend, then save money and just get a generic business card and letterhead with your contact information on it.
While the guy at the local copy store may seem really enthusiastic about creating a logo for you, invest in hiring a professional graphic designer with a track record. Ask to see their portfolio or check out their web site for samples. This isn't going to be cheap. Designing a great logo and identity package is worth the investment. Shop around for designers, printers, and paper, but make sure you go with the best option. If you have a limited printing budget, do things in stages and just get business cards and letterhead done right away.
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