This is ideally a fun and a creative process. However, representing both the value of the company and the commercial appeal can be quite daunting and in many cases tough to accomplish. Here are a few ideas that can be starting points before you start the creative process:
Research: Your business is not in a vacuum and therefore it is critical that you understand what factors affect them and how your product influences the market. Having a keen understanding of the market, its buyers and the competitors will allow you to have an idea of what your company represents and how you should portray your brand. Therefore, you should understand the colors, shapes, and designs already in use. There should be a clear distinction between your product and others in the market.
Unique selling point: This is critical and you should understand what is it that sets your business apart and how you can bring that across to your customers. Understanding your niche will help you to come up with a design that represents your business and distinguishes your product from the rest.
Coming up with a logo that represents your business is probably the most important of all. You can choose several ways to accomplish this. One of which is to come up with images or words that represent your values, business or relate to your product in some ways.