Hedding suggests that you check in frequently at domain auction sites such as Snapnames.com, where you can bid on quality domain names. "Snapnames.com has an inventory of 1 million-plus domain names and is projecting up to 10 million previously registered domain names will pass through their auction this year," she says. "Aggressive Internet marketers go there to find expiring names that have a history and are already highly ranked at search engines. They research the domains and look at the links going to them to test their quality. Just be aware that if you try this, you'll have to bid against some savvy search engine marketers."

Watch for Predators

Other sites that list premium domain names available for purchase are: afternic.com, moniker.com, sedo.com, fabulousdomains.com, and domainaftermarket.com, she says.

Once you've decided on the perfect company name and domain name, don't forget to renew your registration. Individuals who frequent the domain auction sites often pounce on expired domains, register them, and then demand large fees to sell them, Ross notes. "You can register for more than a year at time, but I prefer one-year registrations. Just make sure your registrar gives you ample notice when your domain is about to expire, and includes an automatic renewal option," he says.