Several things to consider when designing a new logo.

• What are you going to be using the logo for?  Personally I would never make a logo that would not work on a cap or shirt chest area.  Something that looks good embroidered so can’t get too carried away with fine details.
• If for a farm, I would highly recommend to NOT use the breed or type of animal in my name/logo.  I see it all the time where someone for example starts as Smith Cattle Co., then they add goats/sheep/pigs, etc.  Or Smith Katahdins, then add Texels or another breed of sheep.  All your efforts of marketing and website/logo work has been for nothing. 
• If starting from scratch, make sure you can get a domain name with some form of your farm name.  Imagine having smithcattleco.com and getting out of the cattle business and buying sheep.  Now you have to start all over and everything you have done marketing wise on that website is gone.
• A solution to the previous questions could be solved by using Smith Livestock Co.  Now you can brand a logo/farm website/etc and swap breeds or types of livestock whenever you like and never miss a beat.
• If a product, some things to think about, is this the only product you think you will ever design/manufacture/sell?  What if you come up with something else next year?  I recommend making a company website/logo for the same reasons mentioned above with the farm info.  Don’t put yourself in a marketing box and then have to change later.  

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