I cannot tell you how important it is to get and own your own domain name, but I'll try to describe it:
…plus it's often really low cost, ranging from USD 9 to 15+ per domain per year (separate cost from hosting).
I personally have 30+ domain names that I've registered (and hundreds I've ignored and not registered) because not only I've so many ideas/potential businesses in my mind, I would really hate to “lose” a domain name that I love.
If you have any domain names that you have thought of before, check it out below. If it's still available, quickly buy it and keep it first. If it's already gone, then be creative and tweak the name, until you get a suitable one.
I recommend that you “buy and stock domains” that you think are viable and interesting. Now I've more than 30-40+ domain names, I can't tell you how many times people “try” to get my domain names by requesting transfer to their hosts.
This is ok because that won't happen as long as I renew my domain ownership…
…and more importantly, it doubly confirms that some of the domain names that I buy is potentially goldmines, in just the name itself. Heck, I was interested in another domain name which was purchased, and the owner offered to sell me that domain name at USD 49000! That is NOT a typo – he wanted 50 grand for an “empty domain name”.
Think about it.
Of course, you can also buy domain names if you're an existing customer or affiliate of Solo Build It, under the Name Park It (NPI) section. As I'm phasing out using Bluehost, I will eventually place all my domain names under SBI instead.