LogoMyWay - Another Great Business Model

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Posted in » Links - by Ades on October 27th, 2009

logomyway.pngLogoMyWay - is another great business model that just works. It’s a marketplace where logo designers and businesses meet. Looking at the site, I was amazed by the number of submissions and the quality of works that were submitted for each logo design contest. (Each contest gets easily 100-200 entries) And they are really good, see the winner logos.

Basically this is how it works. If you are looking to get your logo designed, you come to LogoMyWay and create a contest. Your prize can be anywhere between $200 to $1000. And the most important feature is - and I think this is why LogoMyWay is successful - all the funds are prepaid and the designers are guaranteed to be paid. That’s right, the winning designer is guaranteed to get paid for his/her work. I believe this is why there are many quality works and tons of submissions for each contest.

It’s in the Business Model

For example 99Designs does the same thing with the same concept, but they do not guarantee a payment to the designers, prepayment is just an option at 99Designs that contest organizers can choose to do. Instead 99Designs concentrates on “100% Money Back Guarantee” business model. For this reason you can see that the submissions for each contest at 99Designs are much lower than that of LogoMyWay.

Important Lesson

Being a logo design marketplace, LogoMyWay could have a better logo. Their current logo looks not so professional, and the website could be greatly improved, especially to make it more web2.0 like.

But that’s the lesson we should all learn when launching an internet business. And that is, you shouldn’t be perfectionist when launching a project. Don’t hinder the project from being launched just because the logo looks certain way, or the website design is not what you expected. Rather launch the project and test the waters. If you see that the response is good and people really like what you are offering, then and only then do whatever necessary to improve your project i.e revamp the whole website, get a new logo etc.

There is a time when you need to be perfectionist, and it is not during launching new internet projects. For web projects, as long as it is bug-free and all the features are in place and properly working - you are ready to go!

Website: www.logomyway.com

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20 Responses to “LogoMyWay - Another Great Business Model”

  1. By Legitimate work at home jobs on Oct 27, 2009

    Logomyway should be one nice marketplace for logo designer. They can earn some extra buck from this way.

    I also suggest people who are searching for work at jobs for joining in freelancing marketplace like oDesk, Elance, GAF, Problogger.

  2. By Wx on Oct 27, 2009

    yes..
    as a perfectionist..
    i have been holding back some projects..
    I should have test water first..
    no one expect mudah.com.my is now malaysia’s top 10 websites…

  3. By GDI Blog on Oct 28, 2009

    i think this is going to be very famous around designers… :)

    they made a good job on that script and business model.

  4. By Office phone system on Oct 28, 2009

    Mudah is a top 10 websites? I seriously doubt that… or Malaysia sure has some terrible websites.
    -Jack

  5. By marcus@how to make money on Oct 28, 2009

    This kind of business model can work in several niches on the internet. From Website design to writing reports.

  6. By Seattle Heating Cooling on Oct 28, 2009

    I am going to tell my friend, who designed my logo, about Logo My Way. He designed the logo for Seattle Heating Cooling and also Compare Defibrillators. Since he’s a friend he only charged me $20 each, but maybe he can make better money by entering one of their contests.

  7. By Hair Growth Vitamins on Oct 29, 2009

    Hey Ades,

    The main problem that I have noticed with such marketplace is that of the money transactions.

    There are many scam cases that I have heard about. And since LogoMyWay assures paycheck, so it will surely gain acceptance among the designers.

    Thanks for introducing it.

  8. By link building services on Oct 31, 2009

    How much per logo? Yes,there are few market places like sitepoint,digitalpoint,wickedfire where you can get quality logos for cheap price like in 20-25$..
    Ok fine.. I am going to check http://www.logomyway.com site.My site is having very bad design.Hope i will get nice design in your recommended place :)

  9. By used tires on Nov 2, 2009

    it looks cool Im going to check it out

    thanks

  10. By living room furniture on Nov 4, 2009

    Having your own logo is just like a brand or icon to you. I thought it’s affordable, no wonder only couple of blogs that I know have their own logo.

  11. By oes tsetnoc on Nov 4, 2009

    i am designer at 99 design.. this web new for me!! let me try my luck here too :)

  12. By Karaoke hire on Nov 4, 2009

    you have shown nice way for making money. You have updated about many worthy contest.

  13. By Minnesota Attorney on Nov 4, 2009

    I’ve used 99 Designs and it worked great. This is a nice improvement on the 99 Designs business model. It’s interesting to see these new types of business models taking hold, especially since they are only possible since the creation of the internet.

  14. By Seattle Heating Cooling on Nov 5, 2009

    Link Building Services what’s not to like about your logo? I think you’ve got a really nice website and design. It’s really easy to navigate and well thought out.

  15. By Bratwurst Recipes on Nov 14, 2009

    Logomyway is a nice website. It seems that the logo design contest is a great opportunity.
    thanks for sharing!

  16. By Legitimate work at home jobs on Nov 14, 2009

    I am also looking for logo designer for my blog. Might be Logomyway can help me.

  17. By clickonpost on Nov 16, 2009

    First time when heard about this site but logos look’s very professional. One of my hobbies are web design so i respect their jobs. Keep make so good logos and better of them.

  18. By 2D 3D Animation India on Nov 30, 2009

    its gud website but i think its highly specialized for creating logos only..

  19. By NAPW on Dec 2, 2009

    A friend of mine entered a contest on 99Designs, won, and did not get compensated. To my knowledge the company went ahead and used her design which doesn’t seem fair. I would have though that as a designer you would have more rights to your design and could demand compensation, but it appear that just by entering your design you give up some of your rights. LogoMyWay sounds great if the designer is indeed guaranteed to be compensated. I will have to tell her about the site.

  20. By Laptop Briefcases on Dec 5, 2009

    I’ve heard of this website before. We actually considered using it for our recent logo design. While LogoMyWay seemed like a great option, we decided to give our regular graphic designer a chance instead. I will definitely keep this site in mind for next time I need a logo though.


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