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It is important to set up a contract outlining the reviews/process. And do not do it for free. Your work will then have no value. I have made this mistake and found the friend asking for one more little tweak-at all hours... thinking this is not a big deal and it won’t take long... I suggest looking for something to barter. If not money trade on something valuable. Otherwise write into the contract your ‘normal rate’ and the discount% they are getting. Such as $100/hour at 75% discount...
Always, always, always charge what it’s worth to them, not to you. A new logo for Apple Computer, Apple Bank, and your Corner Applestand might all be the same and require the same time and effort, for example, but the value of each couldn’t be more different.
It might not seem relevant in this case, but it is. Your friend might need more design work in the future. And he/she wants someone they can trust. So take all this into account when figuring out a price — along with the fact that they almost certainly expect you to cut them a friends & family discount (do so, but not a ton). And then lay it all out, including that discount, in a written estimate.
Second the equity comment. Even a tiny percentage makes the time investment worth it. Especially if they end up making it big or being acquired. And, as a new business, it helps their immediate capital liquidity and establishes to their VC/investors that they know how to establush and wirk with partners.
Never do design work for friends, paid or not. It’s the fastest way to lose a friend.
I would think about asking for equity or a profit-share model if it’s a good enough friend that you don’t want to damage your relationship. I’ve done that with some consulting work. Hasn’t worked out but for five-ten hours of work for a friend who believed in something it was worth the risk to me.
I like the idea of trading services. I don't have any details yet, but if we can trade at all, that would be great.
OP what’s the business?
Don’t do it if it’s not an established business or your friend isn’t a serious entrepreneur. Lots of people have a business idea, get excited, and want a logo to slap on stuff they can show their friends or post to Instagram. If your friend is that level, you’ll have a hell of a time designing anything decent cause they won’t have information about the business to give you, and they’ll insist on doing it super cheap cause they have no financial plan to make money yet. It’s also likely they’ll fall off the radar once they’re finally faced with the work of building a business, and then your time is wasted. I’ve met a bunch of these - ask for a business plan outline for research at first, and if they can’t provide, walk away.