Charge a minimum flat rate of $350.00 for a type/icon only logo if you work fast.
Otherwise, a per hour is the way to go.
Clients actually prefer a flat rate because there are no surprises. Just spell out that you'll provide them with X amount of logos to review initially. Once they've seen the logos, they narrow down to 3 for making changes and then the final logo. This way, you're not working on their logo every hour of the day and your money is easily earned.
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