From Aerosmith's wings to the Rolling Stones' lips-and-tongue, there are a wide variety of iconic logos already out there to provide inspiration, so look at the logos of other famous bands. See what elements all of these logos share. Most logos are fairly simple and have a unique font or look. Images are generally simple (not textured) and easily drawn on almost any medium in black and white. Pay special attention to the logos of other bands who play the same genre of music. These logos may be different than other bands. For example, a Christian soft rock band would likely have a different logo than a death metal band.
Write down some the ideas, concepts and images that represent the band. Look for similarities in concepts. Encourage all band members to contribute to the discussion, and respect and encourage all ideas to be brought forward no matter how outrageous they may be. These ideas may spark a thought in someone else and lead to a great logo.
Once a rough idea of the logo has been determined, look at some sample fonts and images. Not all logos have images, but if the band has decided on an image then look for related images. Select a few fonts and images that best represent what the band is going for.
Bring the images, ideas and fonts to a designer. The designer will be able to put those elements into a working logo. The designer can also help the band pick colors for their logo. A standard rule for any logo is that it should be able to be replicated clearly in black and white. The logo will not always be printed in color and when it is not in color it still needs to be identifiable.