In the real estate business, the three most important things are: location, location and location. To some extent, the same is true with websites.
Easy-to-remember web addresses are valuable commodities that can be bought and sold. In recent years, many people with a little foresight purchased the most sought-after web addresses and later sold them for a hefty profit.
Fortunately, many good web addresses still exist today. Although they might not be quite as short or memorable as some, they can sometimes be better. You just need to use your imagination and learn a few tricks about selecting appropriate names.
Virtual domain names (i.e. web addresses) are a bargain. Good "dot.com" addresses are normally more difficult to find than "dot.net" or "dot.org" web addresses.
There are a number of free tools available on the internet to help you search for domain names. Virtual domain names can be purchased online and either "parked" or used immediately.
The real benefit to having your own virtual domain name is portability. You can set up your website on a web server in Los Angeles, move it to Hong Kong and implement it in London, all in one week.
This freedom of movement means that you are not tied to a given web server or web hosting company. If you are displeased with the service, technical performance, hosting costs or features provided by your web host, you can easily move your website elsewhere while retaining your existing domain name.
Another advantage of owning a domain name is resale. If, for example, you develop and grow a successful commercial site that receives half a million hits per month, that "real estate" address becomes a very valuable commodity!
Obtaining a virtual address, with an appropriate name, is certainly an important step to developing a commercially viable website.
Some web hosting companies provide a virtual domain name at little or no cost, provided that you use their web hosting services.