Making material for an emblem

The picture should explain; how to make the texture to be just in the front (and/or back, but preferrably just front) and making the sides white? Do I need to assign different materials inside the modelling software?

You can either assign a different material for the sides, but I would suggest changing your UV layout so the faces of the sides are mapped to a white spot of your texture. Perhaps you need to change your texture a bit for this.