Your domain name is your unique address on the internet. It can be a calling card and the first impression people see of your brand so it is important that you have as much control over your domain name as possible. Registering a domain name will only cost you around $10 - $15 per year so it is not a significant expense and should not be ignored.
The Internet Corporation for Assigned Names and Numbers, ICANN, is the organization responsible for administering and managing domain names world wide. Technically you don't own a domain name. You lease it from ICANN.

Here are some important things you need to keep in mind with your domain name;