3. Buy the Name

Domain names are bought, sold and auctioned like any other property. If the domain name you want is being used on a successful, actively maintained commercial website, chances are slim the owner will sell it to you. However, if the name is reserved but isn't yet being used, you may be able to get your hands on it for a price you can afford.

You can buy a domain name in a variety of ways. You can look in online classifieds, contact the owner directly and make an offer, make a bid on an auction website (ebay.com, for example) or go through an online domain name broker, such as GreatDomains.com.

4. Assert Your Rights If You Already Own the Trademark

If you are already in business and want to use your existing business name as your domain name, then you may have the upper hand in a dispute with someone who's already using the name online. (Not every business name is protected by trademark law, however. )

Under trademark law, the first person to use a trademark in commerce is considered the owner. So if you used the name to market your products or services before the domain name registrant started using its domain name, you may be able to prevent that registrant from continuing to use the name.

If you are a trademark holder and you want to challenge the use of a domain name, you will first need to decide on a strategy for going after the registrant. You currently have three choices:

Use the dispute resolution procedure offered by ICANN. ICANN, the international nonprofit organization now in charge of domain name registrations worldwide, recently implemented a process called the Uniform Domain Name Dispute Resolution Policy (UDRP). This administrative procedure works only for cybersquatting disputes -- that is, when someone has registered your name in a bad-faith attempt to profit from your trademark. Compared with filing a lawsuit, ICANN's dispute resolution procedure is potentially less expensive (about $1,000 to $2,500 in fees) and quicker (just 57 days to resolution).