The bottom line is, if you want a logo for a business, you can pay for it. Or you can bring in two or three other paying clients for the designer, and ask for a logo to compensate the work you brought in ...first. Or you can get creative and innovative and find some other way to trade value for value.
There are any number of alternatives to trying to get something for nothing. If you can't figure out one, your business is not going to be in business long enough for a spec logo to be a worthy portfolio addition.
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