Your business logo is going to appear on all sorts of advertisements, including your awning near New York City. With this in mind, you need to put a lot of research into how your logo will look and what colors you want to use. Consider asking your awning company for design help.
As you can see in this video, every color usually has an emotion or action associated with it. Decide what you want your logo and awning color to convey to your customers. For example, many grocery stores and food makers use green in their logos and commercial awnings, because it is a color that represents nature and wholesomeness. If you own an organic restaurant or grocery store, then you may want a dark-green storefront awning and logo design to represent your company. Red is another good color that is believed to induce appetite.