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A Domain Name is your Internet Address.  It's what you'll advertise for your website and email address.  Domain names can be up to 63 characters, but keeping it as short as possible while still describing your business is your objective. 

What name do I choose?  Those new to websites tend to over-think or under-think during this choice process.  Try not to get too wrapped up at this first step.  You'll find that most names have already been taken and you might have to get a little creative.  Find a name that best describes your general business.  You can be creative because your domain need not be exactly your business name - or even doesn't have to be your business name at all. 

Multiple Domain Names. The great part about domain names (unlike actual business names) is that you can have as many as you can afford in all variations of your business name, what you do, and where you do it.  You don't need websites for all the domains as they can all point to your main website.  If you DO have websites for all your domains, they are called "landing pages".  A landing page will typically mirror your main website - or be specific to a service or product, yet still linking to your main website.  I have a client right now that has over 30 domain names - with all of them having landing pages.  For this service, I have just one domain name. 

How much do domain names cost? Domain Names can be purchased for about $10 - $15 per year.  You may get a first year deal, but I would stay clear of companies offering domains for anything over $15.  Some companies have promotions from time to time with first year at a very low cost.  When you buy a website hosting plan many companies give you one or more domains free for the first year.  You can purchase multiple years up front or set it up to automatically renew.  The one thing you never want to happen is for your domain to lapse.  It that happens you are effectively out of business. Getting your domain name back will take time and be very costly - IF you can get it back at all.

Where can I buy a domain name?  Hostgator.com is a major, well-known, company that has just about the lowest prices for domain names all year long.  Godaddy is "OK", but there is a never-ending bombardment of ads that you "approved".  1and1.com is probably my favorite

What else do I need to know?  You'll need to "point" your domain name to the hosting company where your website will reside.  For those who want to "do it yourself",  If you purchase a domain name and hosting account from Hostgator, or some others, that's usually done for you.  Buy a hosting account from Hostgator for under $5 a month and up.  They'll even give you one or more domain names free for your first year. 

Dot Com, Dot Net, or what? Lastly, the right-most label in a domain name is referred to as its "top-level domain" (TLD).   The most common are .com, .net., .org.  You may get tempted to go with tld's outside of .com, or .net but I would not recommend it.  They are costly and confusing to your potential customers.