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Hey Ben.
Since it's only £10 a pop I'd recommend offering out a few logos for free or maybe even creating some logos for made-up companies. Make up a business name, decide on what it offers and decide on the brand/business image and market audience. To make it a fairer exercise you and your friend could generate business briefs then swap them around and work on logos for each others ideas.
The portfolio should be there to showcase your skill and to show the design elements you have taken into account in relation to the business brief - these don't have to be logos for paid customers. Just 2 or 3 examples of your work will show potential clients exactly what you can do for them and this is all they will need.
Hope this helps.
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