When creating a logo consider how the logo will be used. Will it mainly be used in full color print materials? Printed on shirts and hats? Photocopied or printed from a home computer? Used on the web?
The more colors you have the greater potential cost to reproduce your logo when printed professionally. Two color logos are common. Black and white versions are often created even if the design is in full color.
When planning your logo design think of describing words when talking to the designer. This will help get the overall feel for the logo.