Keep it Simple (Stupid)
What good is a logo that can’t reflect the true nature of your brand? Colours play an important role, as they are associated with many connotations. If your business is associated with the environment or the mission of your company is related to creating eco-friendly products and services, green would be the ideal colour. Fast food logos usually have some, if not a lot of red, while a lot of tech companies are blue, blue is a standard colour for trust, and stability.
The Role of Imagery
The imagery comes into play with or without colour. When you are getting your logo printed in black and white, it is not the colour that will convey the story, but the illustration. Use appropriate imagery in contrast with your business niche.
It is important to keep the illustration original and get it designed first-hand to avoid copyright issues, even a simple swoosh, an apple, three lines, or the letter M might have a registered trademark or copyright against it.