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Creating favicons for Blogger is pretty easy these days and can be done in literally minutes. The hard part is trying to map your logo or symbol into such small dimensions. And, to add to that, the expansion of icons of larger sizes has exploded over the last few years with mobility and the evolution of browsers.
Overall, however, it is a simple task at hand with only the need of a paint program (with a supplement - possibly) and a great online tool called Iconifier. These will allow you to create favicons and icons for almost all browsers and devices. If you're really interested in the history and aspects of the favicon you can jump over to Jonathan T. Neal's very comprehensive article called Understand the Favicon.
Here we'll just be concerned for favicons for Blogger. I'll walk you through some of the key considerations when designing your own with an emphasis on using simplicity as your guide (more creative folks who have deeper digital artistic skills can go much deeper).