The business is not a real business if you only have a budget of $150 - $200 for your logo. I don't mean to sound sharp or too harsh, but if you only have $150 - $200 to spend on the face of your business, then it's the truth. Your logo will be your first impression and serve as the foundation for all your future branding.
I'm sure you have received lots of DM's from folks interested. They are probably using pirated software, possibly have no investment in education that is required to properly do a logo, are from a 3rd world country (possible communication issues), or have little to no experience. No designer that is going to provide you a proper logo will do it for that little. Convince yourself all you want, but it won't happen.
You're going to run into lots and lots of pitfalls when it comes to working with someone so inexperienced or someone who will do a logo for so little. Normally I wouldn't give you all this information for free, but I have a day off and I feel like I need to educate you and others what they should expect and why doing a logo costs more than you have in your budget:
• When the logo is completed make sure the logo was done in a VECTOR format. (Some designers make logos in photoshop or "raster" programs. Raster means that the graphic is made up of tiny pixels. A vector design is made up of points and can be scaled to any size you need it without any pixelation. You can go as small as a tiny business card print to as large as a massive billboard without any issues.
• Get your file in several vector formats when it is complete. Ask for the file in these vector formats: .eps, .ai, .svg (This will be very important down the road when you need to use the logo in print especially)
• Get alternate versions of your logo in these same formats but in 1 color versions or any alternate version you may need going forward. Possibilities would be a version with the graphical element only, a version with the graphical element to the left and the text to the right for use in areas without much height (top of websites and the like). You may also need a reversed version of your logo where the dark areas are white for use on a dark background.
• Get your logo in RASTER versions as well. You'll atleast want one version of your logo as a .jpg file and a .png file. The .png file will have a transparent background and will be very useful for any web use when the logo is going on a background that is not white.
• Make sure they have "outlined" the fonts in your logo, meaning that when it goes to print or when it is used in designs going forward, they won't get font errors because the font will be outlined into a shape rather than being in it's font format.
• Ask to know what fonts were used in your design so that you can match the font to give your future designs consistent branding. (some designers provide the font if they have purchased it for your logo)
• Make sure the font used is legal to be used commercially or that they have bought a license to use the font commercially. This is overlooked by LOTS of people. It can lead to costly issues going forward if you are illegally using a font.
If you actually get all of that for $150-$200, then you just got a huge bargin. You also screwed someone over on a fair price.
I see this time and time again where people feel as though their budget is a factor. Sorry, but it's not. Good design work comes at a price and wether or not you have the budget for it doesn't matter. If I were to start a construction company and needed to buy tools that were worth $1000 and only had a budget of $200, then guess what, my construction company isn't going to happen. This is no different. Graphic Design work should not be something that YOU set the cost for, YOU should raise the money for it and expect to pay what the fair market price is.
I would wish you the best of luck with everything, but really I don't feel as though you deserve that. You come off as a self entitled person that doesn't deserve it.