A cost effective way to use a graphic designer is to try Hatchwise. It’s like a contest for designers. You say how much you’re willing to pay for your logo design. You describe the basics of what you want. Then designers from all over the world submit designs to you. While your contest is open, you can rate and comment on the designs so other designers can see what you’re liking and what you’re not liking, so they can get closer to pleasing you.
i spent only $50 for my logo contest, and i got over 100 submissions. i ended up with three I liked very much and I chose one.