How to manage revisions with a fixed-price logo?

Hey guys! I have a question about how to handle revisions with a fixed-price logo project.

My unique working process with clients:
I like to keep my clients involved through the whole process starting the review-feedback-revision loop with my initial sketches. This ensures they get something they like and can feel apart of its creation. We keep an open discussion where they can influence the direction based on their knowledge of their business while I advise what works best based on my design expertise.

My question to you:
I want to limit the number of revisions allowed in case I get the type of client who wants to make changes endlessly. How do you manage revisions for your fixed price design projects? Thanks for any help!

The way I see it, these are my options:
  1. Offer unlimited revisions. This keeps things simple but runs the risk of an endless project—I don’t understand how designers manage this issue when they offer this.
  2. Develop 2-3 nearly finished concepts for the client to choose from, then offer 3 revisions with a set or hourly price for any revisions beyond that. This runs a huge risk of them not liking any of the concepts despite my extensive client brief and research.
  3. Try to estimate the number of revisions needed from the initial sketch to the final logo. The problem here is that this can vary drastically depending on how quickly the client approves concepts—I could leave the client with an unfair small amount of revisions or be left with too many unnecessary revisions.
  4. Work with the client from the beginning, but start counting revisions only once I feel we have reached a final logo. This can be very awkward when telling the client we are switching to their limited revisions.
  5. Switch to hourly pay—I don’t like this because it requires a lot of trust and I can only give the client a rough estimate for how long it will take.
 
It's really not that hard, no idea why people over complicate things if I'm being honest.

Offer x number of concepts, offer y number of revisions + final imagery etc. Ensure you get decent feedback between concept and revision, along with a decent brief to start from and get them to sign off at key points. Maybe keep a couple of x spare in case they don't like the original concepts.

Set price according to number in x and y. You can even do different package sizes if you want but might muddy the water.

If they don't like it then you probably don't want to work with them in the first place as they'll likely be a pain to work with.
 
What Levi says basically, closest to your option 2 I guess.

I usually just say it's going to cost between x and y, and it's dependent on which design they choose and how many revisions they make. I always make sure they
know when it's going over budget and that they're ok with that before I go any further.
 
Funny was just talking about that this morning.

I had a client who I told them in the contract that it's 5 revisions only and after that it's 30 minutes minimum per alterations, changing a full stop or moving a picture would amount to £50 a change.

V5 approved with one small amend, move the logo up. Then it was moving it down, left, right, center, down a bit, bottom, left, right - then about £300 later it was back where it began.

That was the last time they ever went past version 5.
 
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