Choose the right domain name for your website

Plan your website before you start building it -> Choose domain name for your website
                                                                 -> Check your selected domain name here
                                                                 -> Register your domain name

It is a good idea to occasionally visit the Internet Corporation for Assigned Names and Numbers (ICANN) website and get familiarized with some of their ongoing effort to have coordination among the vast network of addresses on the Internet.

Just like choosing a subject for your website
Make a list of potential website names and select the best three or four or more. Do some quick research using your favorite search engine before using any special internet tools.

Research
Researching can be fun. You can come across names you never thought were so popular. Write them down for future projects. Research is based around Keywords. Keywords are the most important part of creating and naming a website. They are the words that identify your site and also that people will search to find your site.

Brainstorm Keywords
When you first begin your domain name search, it helps to have at least 5 terms or phrases in mind that best describe the domain you are seeking. Once you have this list, you can start to pair them or add prefixes and suffixes to create good domain ideas. For example, if you are launching a credit related domain, you might start with words like "credit, debit, debt, finance, interest rate, credit report, credit ratings or credit score", then play around with these words until you can find a good match.

Make the name unique
Having your website similar with a popular site already owned by someone else is a definite cause for disaster. Thus, the website domain gurus suggest to not choose domains that are simply the plural, hyphenated or misspelled version of an already established domain.

Dot Com is most popular - try choosing it
With the exception of the very tech-savvy, most people who using the web still make the automatic assumption that dot com is all that is out there - don't make the mistake of locking out or losing traffic to these folks.

Make it easy to type
The left side of the keyboard is considered easy to access and therefore the letters are easier to type. Include those letters in the name if you can.

Make it easy to remember
You don't want to be the company with the terrific website that no one can ever remember to tell their friends about because they cannot remember the domain name.

Keep the name short if possible
Short names are easy to type and easy to remember.

Make the name a brand
Using a unique and compelling name is a great way to build additional value with your domain name like bankrate.com or lendingtree.com.

No hyphens and no numbers
Both hyphens and numbers make it hard to say your domain name and is not very easy to remember or type.

Use tools
Websites like AJAXWhois and Domjax make it exceptionally easy to determine availability of a domain name. By the way, you do not have to buy domain names from these website

In a Nutshell
It is preferred, but not necessary, to have a website name that represent your business. The very name that you use to advertise your product is the name that you will want for your domain.