1. Think of appropriate name for that suit theme of your web site. For instance, an online dating service may find domain name like www.loveconnection.com, more desirable than say www.best-used-cars.com
2. Search for domain name availability. Every domain name registrar will provide you with a search tool; although some search tools are better than other. You will have to do a lot of searches because a lot of domain name that you wish to have is probably already owned by someone else (very common).
3. As you come across available domain names that you like, jot them down. Keep searching until you have about 3-5 different domain names to choose from.
4. Choose a domain name and register it at a domain name ICANN Accredited registrar.

Other factors to consider

• Initially, you will want .com version of your domain name. If your internet business takes off, you may want to consider registering other first-level domains (i.e., .net) of your domain name and perhaps even similar domain names to prevent mistaken identity
• Use domain name registrar that will register domain under your name under all contacts information (perhaps with exception of technical contact). It should be clear that you own domain name.
• Use domain name registrar that provide good online account support.
• Use automatic domain name renewal if you are planning to own domain name long-term

Don't get me wrong. I'm not against registering for long domain names. I just feel that we should see things in perspective. If you're getting a long domain name in hope of securing a high search engine placement, err... based on facts, please don't expect miracles.

So what should we look for when choosing a domain name? I use a simple "3 Es" guide:

1. Easy To Remember Yahoo is certainly easier to remember than AltaVista. No surprise why Yahoo is doing a LOT better.

2. Easy To Spell If you have a long domain name, be careful. One spelling mistake by a potential visitor is all you need to lose him forever.

3. Easy To Pronounce If your domain name is hard to pronounce, how do you expect people to spread word and tell others about it?

What do 3 Es have in common? They make things simple for your visitors! Our world is complex enough. We don't need another complex domain.

Must your domain name be relevant to your site content? Not necessarily. What has name "Yahoo" got to do with a search engine or a directory? And is there any real connection between words "Amazon" and "books"?

Selecting a domain name is an extremely important step. So do it carefully.