I had always like buying domain, not sure why, may due to the fact that it is pretty cheap. Choosing a domain is more than just picking a nice Mobile Number or Car License Plate, because it affect how people remembers, how people would type it, how Search Engine would pick it up, it also gives an impression to other people and most importantly it is your brand.
Guidlines for Choosing a Domain
Try to get domain that is related to your search keyword. Most of the time, someone already got the dotCom. But you can always add like mydomain.com, thedomain.com, domainworld.com and much more.
Another trick is that you can opt for dash (-) in domain, but it may not be great because people does not like dash as much as Search Engines. So if you get car-classifieds.com, you can get better SEO score, but you might loose some people to carclassifieds.com.
There are also method where you could make out a new name, like most big companies would do, but it would require marketing cost to do branding. Of course if it sticks near to the keyword, it would gives you a double effect.
Long or Short? I would try to have it max at two words, but if characters is short, I will look at three words domain as well. I don’t mind the character as long as people can remembers easily. But it is not advisable to go as long as 64 characthers (which is the longest you can go). I would not even try 20 characters.
Buy from someone else? If you have the budget, you can opt for this, but domain squatters usually wants to make big amount of money, so you will most probably need to have some USD in hand.
.Com or .Net? I will only go for .Com now, unless there is a superb domain out there that I would spend money to keep. Yes, we have some successful .net and even .org. But you should know that you are promoting someone else domain each time you promote yours. And the .com owner will sell you at a high price once you have got your name establish, and it doesn’t matter if the name is a crap name or somewords you made up.
Domain Research
I like AjaxWhois, not sure why, but might be the green colours and it is instant but it only gives you .com and .net results.
Google Keyword Tool has always been a big help in researching for keywords.
Some thesaurus will open up your choice of words
I think this process applies to Blogspot.com, Wordpress.com and even profile name like Twitter (which I have successfully sold one previously). What is your process or choosing a domain?