Color is power, so it's only natural that your brand puts some thought into what colors are chosen. Try searching "color psychology" to gain insight. Here is some more good info to get your mind working.
Image by The Logo Company
This is a great tool to get you started. Once you have a general color in mind, the fun of working through the various tints, tones and shades begins.
Helpful websites to choose color palettes
Other ways to choose your colors
Have you ever tried to choose a color palette with a client via email, internet, screen shot, text, or any other digital means? A nightmare! RGB, the way our screens handle color, can look totally different from screen to sceen. Think about your TV and the different color and lighting settings: sports, movie, gaming, low light... All these variations will make reds look purple, yellows look green, etc. This is terrible for communicating color between designer and client. A professional solution would be to have Pantone swatch books available to both of you. In a pinch, I've had a client go to their local paint store and choose color swatches, then I go to my local paint store and pick up the same swatches. Now we're both seeing the same colors! This method has some flaws, you both need to find the same brand of paint. Valspar, for instance, has certain colors available exclusively at ACE Hardware. The upside? Valspar has their colors online, so what I couldn't find in person, I found on their site. Creative workaround, baby! We have to be clever in a rural county, you big city folks have a lot of options and I'm sure you'll have our own challenges.