One of the early tasks you'll need to do when creating an online wealth generation machine is picking a domain name, be sure to avoid these common domain name mistakes. Don't take this step lightly. It is important to take the time to do this step right, even if it takes days. At a minimum, sleep on your choice overnight. It is painful to change your domain name down the road.

First of all, you want your domain name to be congruent with your brand.  You want it to get top search engine results. And YOu want it to generate maximum web traffic.

I personally like to brainstorm with a couple of people for this activity. Each person says every domain name that comes to their mind, no matter how crazy it might seem. It's actually kind of fun. Make a long list of potential names. Then take a break and come back a day or so later and list any new ideas people came up with.

Now go through and eliminate domain names that are already taken. GoDaddy (www.GoDaddy.com) can provide this information. Many of your best ideas will probably be taken, which is why this step can be difficult. Of the remaining names, eliminate ones that you don't like. Now eliminate domain names that don't meet the guidelines below. With the remaining names, vote to determine a winner.

Avoid these 5 common domain name mistakes:

1. Not getting a .com extension. Don't settle for .net, .info, .ws, .bz, etc. If the .com version is not available, pick a different domain name.

2. Not registering variations of the domain name such as plural and hyphenated versions. If you don't, your competitors will and they will steal some of your traffic. Domain names are ~$10 per year, get

3. Picking a name that is difficult to spell or say. When you tell someone your domain name, there should be no ambiguity in how to spell it, and they should be able to remember it easily.

4. Not using your main keyterm in your domain. You'll get a higher relevance score from the search engines if your main keyterm is in your domain name. Higher relevance means more traffic. Use the google keyword tool(https://adwords.google.com/select/KeywordToolExternal) to find a good keyterm.

5. Not owning your name. In addition to any other domain names you purchase, make sure to get your name in the form FirstLast.com. If you have a common name you may have to get creative and use your middle initial or middle name as well. Even if you don't need your name right away, it's better to get it before someone else does.

Your domain name is a very important aspect of your online wealth generation machine. Do proper research and avoid these 5 domain name mistakes. The time you spend to pick the right domain name is worth it's weight in gold.

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