Hundreds and thousands of startups are launched every year in the US alone. According to statistics released by the Census Bureau, there were over 417,055 new business applications by the end of December 2022. Despite the looming threat of an economic crisis, entrepreneurs aren’t holding back on taking risks and establishing new businesses. Of course, not every venture turns out to be a success – and one’s domain name has more to do with it than you might think.

Competition for Domain Names

Brand and domain names go hand-in-hand, which is why both are often developed at the same time. You’d typically want your domain name to match your brand or company name as closely as possible. The most high-value domain names are ones that are simple, memorable, and relevant to the product or service provided. For instance, Hotels.com sold for $11 million back in 2001. More recently, the domain NFTs.com sold for $15 million, which makes sense given the popularity of the term.

Importance of Domain Names: Showcases Creativity

Your domain name is a great opportunity to showcase creativity and resourcefulness. You can purchase the ideal domain, or cook up something entirely new. A domain name generator is a great marketing tool because it provides name suggestions based on keywords you’ve inputted. Some generators can even check your preferred domain name’s availability for you. Some useful strategies can also be employed to make your name more unique, such as adding in a verb, adding in your country, or using an abbreviation.

Importance of Domain Names: Avoiding Legal Issues

This is one aspect of naming a business that’s often overlooked. However, you’ll want to make sure your domain name belongs completely to you and doesn’t violate any copyright claims. This is the best way to protect a business’s reputation from the get-go, prevent any damages, and avoid legal issues. It’s also more feasible to register for a domain name that isn’t taken yet, and easier to create official pages and usernames on social media sites like Facebook, Instagram, and YouTube.

Importance of Domain Names: Professionalism and Networking

Well-thought-out domain names help brands appear more professional and official, which also helps boost their reputation in the industry. This is crucial when you’re in the process of networking or looking for ways to finance a new business. Investors will also want to support companies that are staying relevant and in touch with their market. Moreover, a good domain name helps you rank higher on search engine results, which in turn raises your online visibility.

Brands That Got It Right

As mentioned, the best domain names are instantly intuitive, have relevant keywords, and are just the right length. For example, real estate startup welcomehomes.com demonstrates all of the above. Food delivery app foodpanda.com also added a twist to its name while staying very close to the service to be provided. Fashion magazine Vogue also adapted their website to different countries by using TLDs like .uk, .cn, and .jp, and adding extensions like “shop” or “subscribe” to others.

Brands That Got It Wrong

Relationship guidance provider partenerstalking.com.au wasn’t able to communicate its purpose on its domain name properly, and the site hasn’t been sighted since its removal a while back. This is one of the many cases of offensive or misplaced humor in domain names. Amazon.com was once called cadabra.com, but founder Jeff Bezos decided on the rename after his lawyer misheard the latter word as “cadaver.” Amazon, on the other hand, was unique and evoked a sense of vastness, which was apt for an online shopping site.

Conclusion

In this article, we discussed the main reasons why you should be thinking long and hard about your domain name, and how it can affect your business positively or negatively. Generally, it’s best to stick with a short but sweet name that properly relays your company or brand’s purpose. While, there are some exceptions to this, employing a risky name also means risking your business’ advertisement and marketing efforts. But it’s up to your creativity and innovation as an entrepreneur to make sure your domain name stands out.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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