My ways for choosing a domain is 1) Selecting a nice, short, attratctive, unforgettable, absolutely a keyword name. 2) Checking it's monthly global searches and competitions for that keyword on adword keyword tool. i choose a keyword name with high global search and less competition. This will lead to a better search engine position. 3) Of course a dot com domain name. 4) I won't go for hosting as it is a waste in case of domain selling. Note: don't forget to have a cheap .COM domain provider