There are plenty of freelance designers who are earning their money by making logo designs for companies or for individuals and thereby, entering into the branding aspect of it. The first and foremost thing that you need to know about logo design is the fact that it pays a lot of money. BP recently had their logo upgraded for as much as $ 136 million, which included the copyrights and branding rights as well and Pepsi had an up gradation too for $ 1 million recently. Of course you cannot expect to be paid that much amount of money right now. However, you can easily command a few anywhere between $ 200 and $ 1,000 depending on the experience that you have in the field of Logo design. Once you design your logos, you may be eligible for a lot more money if it is used for a different purpose altogether and there can be many possibilities of you earning even more from a particular design in the future.
Therefore, if you are ready and willing, you may take a plunge in this field and if you are good, success will definitely follow you around.