It is important to choose a color scheme that will add to the branding effect of your business. There is a lot to be said about color moods and what colors stimulate the reaction you wish to get. For example a product focusing on a child’s product or service might be bright, primary colors or possibly sunshine yellow. Where as a product or service that is talking to say seniors might be more subdued and calming. The color choice can also depend on the product you are offering for example a restaurant would want to use warmer colors because that is associated with hot food and stay away from blues and greens since those are associated more with mold or spoiled food.
So in choosing a color think about the mood of your product, reaction you wish to get, and target audience. For more info on color psychology check out this link http://www.color-wheel-pro.com/color-meaning.html.