Thoughts for end-users on "the name hunt"

From a long-time serial entrepreneur to a possible greenhorn: if you ever want to get your home-based business out of the basement, you'll need to get extremely serious about a good many things.  Or, if you're just looking for a part-time hobby to "make a few bucks on the side", I strongly recommend you take up something else besides a small business.  With a good website plus a little effective, targeted advertising (Google AdWords is great), you may achieve some degree of success very quickly and turn into your full-time headache if you're not prepared.  It's the old "be careful what you wish for".  Most businesses don't fail because they don't have any customers.  Most businesses actually fail because they are unable to handle or finance their own growth.  So please know what you're getting into before you flip that switch . . . it can be very difficult- if not impossible- to ever turn it off.

That being said, selecting a brand identity is one of the first and most crucial steps for any type of business.  The entire customer experience begins with the very first encounter and interface - in most cases that will be your business name + domain name + logo + website design (even if it's just on a business card you handout in person).  You never get another first impression.  And like it or not, companies are inevitably branded by their domain name choice - the domain often becoming more identifiable than the formal entity name.  Of course, that's why a memorable and evocative domain name provide the ultimate level of customer salience and comfort when the domain name and company name MATCH, especially when your brand + domain name are 'spot-on' for the business you're in!

Food for thought.  Take it for what it's worth but, based on decades of small business experience, I believe many entrepreneurs eventually regret the decision not to pay a little more for a superior URL.  For any serious commercial purpose, inferior name selection (including hyphens) and inferior extensions (.net, .biz, et al.) will end up costing a whole lot more in the long run - including on the most important prospects and opportunities you will never know about.  Theoretically, a poorly chosen domain name might cost you hundreds of thousands (or more) in invisible, lost revenues.

One of the top regrets of many businesspeople is not having invested in a better domain name / brand name when they had the chance.  Over the life of your endeavor - 5, 10 or even 20+ years - the investment in a valuable, meaningful online property becomes virtually insignificant, especially when it's your #1 'cornerstone' asset.

Compared to your "costs of business" and plenty of other overhead expenses you'll face (i.e. employees, lease/rent, inventory, returns, etc), the price of a great brand seems almost inconsequential.  If your business gets off the ground the way you probably intend, you will likely pay more in TAXES each year than your one-time charge for perhaps your most important business investment.

And don't forget a domain name is a legitimate business expense and a total deduction / write-off (at least over time - I'm no CPA; consult a qualified accountant regarding depreciation on business assets and intellectual property).  The ongoing maintenance costs for annual domain renewals will be your lowest recurring expense, and the pricing can be secured through some registrars for up to 100 years in advance.  Try that with ANY of your other overhead expenses!

Another important consideration is intellectual property value.  Domain names that conflict with preexisting trademarks ("cybersquats" or "typosquats") are essentially worthless to any end-user / strategic acquirer.  Yet when a domain is memorable + there are no intellectual property conflicts, there is additional value being overlooked.  Clean IP rights and future trademark potential are valuable on their own.

Sound like a big sales pitch ad nauseam?  I know, I know.  But really these are just a couple of nuggets I'm attempting to pass on.  To date I've never heard anyone complain about regretting spending a little bit more when it's the .com they're heart desires =)