Domain names are often seen in analogy to real estate in that domain names are foundations on which a website can be built, and the highest quality domain names, like sought-after real estate, tend to carry significant value, usually due to their online brand-building potential, use in advertising, search engine optimization, and many other criteria.
The first step to starting your website is registering your domain name. Think of your domain name as a street address for your website. Without a domain name, you would have to tell customers to visit your website at a temporary url such as 22.214.171.124/~yourwebsite instead of yourwebsite.com. Get your own domain name to lend your site a professional look and establish your online brand!
You should also avoid words that have more than one spelling if your visitors are likely to be confused and mistype the name. Alternately, you can buy both versions of the name and direct visitors from the one you like less to the preferred name. While you do want a short name (see below), don’t go for something so cryptic that people have a hard time remembering it. Word of mouth is a powerful marketing tool and you want to make it easy for people to tell their friends about your site.
In order to register any domain, you must provide certain personal information that you may not wish to be publically searchable in the Whois database. Signing up for WhoisGuard is a great way to keep your registration data private. WhoisGuard acts as a "shield" for your searchable information, displaying the address, phone number, and email of the domain registrar (Namecheap, e.g.) instead of your own. Keep in mind that WhoisGuard is an optional security add-on that must be renewed separately when you renew your domain.