Domain name registration is required by every business that wants to implement a presence on the Web, or perform E-Commerce. Registering a domain name identifies your business and reinforces its brand, much as your company name and slogan do. Your domain name further functions as an easy way for your customers (and potential customers) to find your company's Web site.
Domain names are unique, and many names are already taken. That's why, if you think you might want one, you should proceed with your domain name registration fast, while you have more options.
Know your target audience / visitors and how they might relate to your web site. Choose domain names that you think clearly and succinctly express your company (this will also depend on the impression you are trying to convey about your web site and your company). Think about how you might search for your web site and see how companies in a similar line are using their domain names.
Keep domain names short and simple and you'll make them memorable. Remember that people may misspell your domain if it's too long and complicated but that by registering different combination of domains with various spellings you may catch wayward visitors trying an otherwise incorrect spelling of your domain.
If your domain contains more than one word (keyword) think about adding '-' between the words to make the separation more obvious - it's easier for visitors to remember a domain if they can recognise the individual words which make up the domain. Acronyms are generally not a good idea - particularly if they are complex like xwprn.com (would you remember that as a domain name?).