Having your own domain name is a very important part of your website. An unique domain name shows that you are taking that extra step in presenting a professional website.
Many use the "free" server space that many of the ISPs provide for their business website or are a subdirectory on someone else's business server. These options simply are not going to cut it.
Sumantra Roy of 1st Search Ranking has written an excellent article, Importance of having your own domain name. Building up credibility, the search engines, professionalism are all points he makes. Check out the details.
Chosing a Domain Name
Normally you will chose a domain name what is your company or business. If that is taken, then you need to chose one which is represents your business or product the best.
You can use Touchstone Hosting's Domain Name Services to find a domain name or numerous products to secure or promote yours.
Paul Easton of www.CreateToolbar.com has written a nice article, How to chose your own domain name indepth. Paul talks about hypens, keywords, searching etc. This article covers a lot of info. For more great articles on domain names, see our article section.