1) Find good keywords
Find few keyword phrases that you have in mind for your new domain using Keyword Tool – Google AdWords. Aim at those phrases that have high monthly searches amount, let’s say not less than 10000/mo. Don’t worry about competition first – it means more money in the end. Of course this doesn’t mean that you need to choose keyword phrases that have more than 5000000 monthly searches; this will be too much competition, frankly (there are exceptions). And most likely there would be some huge, established brands and companies on the first page, which are almost impossible to overcome in search engine rankings. I would say anywhere between 10 and 200k will be good, if there are not a lot authority sites on the first page. Also use Google Suggest tool, for finding similar keywords phrases.
2) Domain name should sound and look good
You want to make your domain easily readable, and it should not confuse people in any way. For example gotahoenorth.com – Lake Tahoe North site, but you can read it in totally different way, which is not very good for their branding. Also avoid using roman numerals, numbers and different symbols in your domain name. It should be plain and simple. Too long is also bad. Say it out loud – and ask yourself, will it be easily understandable on the phone?
Also it is good idea to find balance between good domain name and amount of monthly searches for it – be ready to “sacrifice” some traffic for a better name. After all, great domain name is better for branding, and it will lead you to more profit in the long-term.
3) Choose only.com extension
Other extensions will not affect your rankings in search engines (in most cases), but choosing.info domain just because it’s cheaper will hurt your “image”. If you are not concerned with branding and this website will be solely for Google AdSense or some affiliate products than go ahead and choose what you like.
And funny thing is – some people don’t even know that there exist sites with other extensions besides.com. So you can lose some potential leads/subscribers from these type of people.
4) The domain name should be descriptive
In other words it should fulfill created expectations – if the domain name is mortgage.com it should be about mortgage, not about scuba diving or anything else. Of course, you might be thinking why Amazon and eBay (and other similar website) got so far then. Well, it’s simple – they put much more time and capital in the branding and advertising process, which is not the best idea – why to spend more resources (time/money) if you don’t need to?
You should get the idea now. Try to find few domain names which you like and which fit under these rules.