Purchasing a domain name is straightforward if the name you want is available. The process is becomes as easy as purchasing most products online. When the name is not available through hand registration, it is possible it is available through auction or from a private party.
The extension on a domain name is the last letters after the last period, or 'dot'. The most popular and common is.com. Dot com is known the best due to it being the first one released in the mid-1990's. Since then, numerous extensions have been released. Some familiar ones are.net,.org, and.me. There are several others including.co,.be,.cc,.pw,.uk and more.
The easiest one for your customers to remember is dot com. When in doubt, most people will use this extension.
Once you have picked a domain name, two things occur. A registrar is chosen and the domain name availability is discovered. Domain registrars are companies that are licensed to sell domain names. These companies are GoDaddy, Sedo, HostGator and many more.
Going to one of their websites, you will find a search bar meant for domain name searching. Entering your site name in the bar will search many databases to find if it is available. If it is, the process to purchase it is easy. If it is not available, these companies commonly will help you find if it is in an auction or available only through a private party. Auctions commonly require a small extra fee, but if it gets you what you are looking for, it is probably worth it.
If a private party owns your domain, using the registrar's services for contacting them can help. Registrars usually make it easy to find and execute this option. Sometimes a registrar does not have that option. If not, then using the WhoIs database will locate who owns the domain, their contact information, and a few details about the domain's age and transfer history. From this page, you can contact the owner via email or telephone.
The cost of a domain name varies, and is usually around $15. If the name is available by auction, it might be lower, and is commonly more. A private party will most commonly be more than $15.
Sometimes a buyer or seller is looking for security that when money is exchanged. There are services like Escrow.com that make it easier for people in a transaction to feel safe. Online escrow companies are very similar to title companies in a real estate transaction. For a small fee, they will take both the asset involved and the payment for the asset into their trust and distribute to each party what is theirs.
Domain names and websites are two ways to create a valued asset as well as drive business. These two tools are some of the techniques I use to develop businesses. Being memorable, getting traffic to your website, and making sales are important parts of cash flow. My profession is business development through online marketing and event marketing. 
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You can find me at http://www.SherpaPeak.com