Logos are tough (especially for a friend!). A logo can be an investment--ie if you want to do the full-on "branding" treatment, with a scope of additional work to follow (letterhead, business card, website, etc.) then you can do it with more of a flat rate, that either includes the additional work or not.The simplest way I've found though, is time tracking...if you blast something out and they love it, great--cheap logo for a friend--if they want to do revision after revision, just continue to charge for your time.
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