Choosing a domain name for a business is easy; you pick a cool name, one well suited to your business goals and with high-level appeal to your target audience. You then go to a domain registration website, check if the name is available and within seconds you’re all checked out and ready to launch your website. So, if it’s this easy, why do so many businesses get it so wrong? Why do so many businesses end up redirecting their website to a new domain one or two years down the line? And why do so many businesses fail to make an impact online regardless of their extensive social media and paid advertising efforts?

The reason for wasted time, money and a high volume of failure lies in the age old saying, “Only fools rush in”. When it comes to choosing a domain name for a business there couldn’t be a truer saying. Without a doubt you should spend as much time carefully selecting the correct domain name as you would designing the navigation and pages for your website. Your domain name is your online business card. It says everything about your business to your visitors, and as such it needs in depth consideration.

Here’s 7 key considerations you must take time to appropriate before jumping in at the deep end when choosing a business domain name.

1. Make it Memorable

Your domain is going to be one of millions in the big web ocean, and so it’s important that you choose a domain that’s memorable; if it doesn’t instantly stand out to you as a name you’d remember without having to be told twice then it is hardly likely to lodge in the mind of your target audience.

Consider that long domain names comprising more than two words are difficult to promote because they are difficult to remember. This makes branding initiatives troublesome. Think about merchandising, advertising and social media leverage; the last thing you want is an awkward name that doesn’t instantly rest in the sub-conscious of potential customers, and neither fits on a tee shirt or car sticker. Find a snappy, savvy, memorable domain name that resonates with your target audience, and is well built for marketing leverage.

2. Make Sure Your Domain Reflects Your Brand’s Core Story

Don’t rush into choosing a domain name until you have identified a shortlist of potential suitors for your brand. What initially feels like a good idea for a domain name may compromise key areas of your vision and mission that aren’t instantly obvious. Often the light bulb comes on and businesses dive into register before someone else does. Yes, you should use your intuition, but enlist the minds of other business savvy professionals to run your ideas past before making a final decision. For each domain on your shortlist consider the territory you operate in, and the cultures and customs of you key target audience. Ensure none of the words are off-putting or could be misconstrued/misinterpreted in any way. Take your time and choose wisely. A great domain name reflects the values and core story of the business it is attached to.

3. Avoid Hyphenation

Hyphens are like fake designer sunglasses; almost the glasses you wanted but really just a cheap copy that won’t have the impact and practical benefits of a real pair. Hyphenated domains not only look second class they also look dated; soooo 2005! If you have to put in an offer to a domainer (a private owner) for the domain you want (without the hyphen) then do so, you will regret it if you don’t. People are ten times more likely to remember and familiarize themselves with your domain without a hyphen separating the words.

4. Keep it Dot Com Where Possible…and Dot Net if Not

Dot Com is still king, and Dot Net is still queen in the world of domains; so don’t be tempted by substandard suffixes – there’s a reason huge businesses like Amazon and Zappos use Dot Com over any other suffixes line Dot Me or DOT Info. You can’t go wrong with a Dot Com, and owning the Dot Com of the domain name you want says to the world that you really “mean business”.

5. Consider Long-Term Relevance

A sensible business plan considers short, medium and long-term goals, and your domain name is an essential part of your long-term vision. This is because changing your domain name at any point in the future will prove problematic, not to mention that building online visibility and popularity is hard enough without realizing a year down the line that your choice of domain name was a poor on, and subsequently having to realign your entire online strategy. Take your time and consider the fact that your domain name will be with you indefinitely, which means it must be relevant now, next year and in ten year’s time. Again, this is a warning not to rush in to choosing a domain name. Take your time, and where possible seek the advice and opinion of other successful online business owners

6. Look to the Aftermarket to Secure the Domain You Need

The likelihood of finding the domain you want for the price of a $9.99 registration with a company like NameCheap or GoDaddy is getting slimmer as the web continues to expand, which means that you may have to pay more for the domain you want at auction or through a domain sales website such as this one. Depending on the demand for the domain you want to buy in the aftermarket this may mean shedding out a considerable amount of money. However, this should be seen as an investment rather than an expense. You will be buying a valuable bit of web real estate that is likely to increase in value going forward. A memorable, timeless, highly brandable domain name will remain so, and buying such a domain is a great investment. Moreover, if your online venture doesn’t work out you will be able to resell the domain and, depending on market conditions, turn a profit to offset associated website costs. Remember that buying domains from private owners is a negotiable process, so put your bartering hat on and strike a good deal!