As you develop a name for your business, it may be frustrating to find a good domain name that has not been used. Since the dot-com boom of the early 2000’s, every Internet entrepreneur want to have a nice domain name that ends with a .com.

Some have paid large sums of money in order to acquire the perfect domain name for their Internet business. There have been at least 20 recorded instances of dot-com domain names that have sold for $1 million or more. At the top of the list is VacationRentals.com that sold for $35 million in 2007. While seven-figure domain name sales are fairly uncommon, there are thousands of five-figure and six-figure domain name sales that happen each year.

Don’t throw all your money into getting a good domain name.

The Right Dot-Com Domain Doesn’t Matter Anymore

Entrepreneurs have been willing to pay large amounts of money in order to acquire hot dot-com domain names because of their limited availability. Only one company can have the dot-com for a generic keyword, like Cars.com, Diapers.com, or Sports.com, accra.com, kumasi.com, website.com.gh, internet.com.gh. Entrepreneurs have historically wanted these high-value, single-keyword, domain names because they are memorable and dot-com is the most commonly used top-level domain, or TLD, that companies use and customers search. It is important to recognize that the landscape of digital real-estate is expanding. There are now 490 approved top-level domain names and the Internet Corporation for Assigned Names and Numbers, or ICANN, is currently reviewing applications for an additional 1,800 new top-level domain names. As large companies begin to adopt their own TLDs, consumers will quickly adapt to the reality that a domain name can be anything-dot-anything instead of just anything-dot-com. Many startup companies are already using .co, .ly, .tv, and .io domain names to avoid the high cost of dot-com domain names. As more TLDs get approved, new companies will increasingly make use of upcoming TLDs to avoid the high-cost of purchasing a dot-com domain name from a private owner. Some upcoming TLDs that have already been approved by ICANN include: .technology, .bar, .land, .solutions, .blue, .academy, .company, .today, .tips, .trade, .gift, .social, .buzz, .club, .photos, .farm, .house, .pics, .zone, .ink, .pub, .report, .foundation, and .best. Eventually there will be a critical mass of people, organizations, and companies that will opt for TLDs other than dot-com and it will be common place for domain names to end in any number of TLDs.

Single-keyword, dot-com domain names have historically had some added marketing value over other domain names because some web users will type in a keyword followed by .com into their web-browser hoping to land on the site they are looking for. The benefit of type-in traffic has been diminished in the last few years as modern web-browsers have integrated search tools directly into the address bar. Google had also once favored exact-match domain names in search results, but that ranking factor has largely been eliminated from Google’s search ranking algorithm. While there were some good reasons in the past to target a single-keyword, dot-com domain name, these benefits are quickly evaporating.