These are difficult times and everyone is out to try and save some money and costs. As a business owner, you too might consider cutting costs by either designing your logo yourself or by letting a friend or relative who is well acquainted with the arts to design the logo of your business.
The question is, will the output match up to that of a professional logo designer? Probably not. A professional designer draws on his or her experience to give you a perfect logo that aligns with the vision and core values of your business that even you as the owner and promoter of your business, might not be able to create. You should also remember that a logo is supposed to create a lasting image for your business and therefore, an amateurish effort, even if it saves you a few hundred dollars at the outset, might only prove too costly to you eventually.