One could think that this post is going to be about why it is better to choose a new domain name instead of a ".com". Actually it is not because we like ".com" domain names at Jovenet Consulting: they are very useful to be used as redirections.
This article is about the factors that one should consider when selecting the right domain name for a new business (because you often need a new domain name for a new business). Of course, thinking about buying a new domain or a ".com" matters; but there are other factors to consider...
Years ago things were different
Years ago, one extension launched, not hundreds at the same time so choosing was easier and made a new extension very attractive (I remember trying hard to register ".asia" an ".eu" domain names). There are now so many domain name extensions that one does not necessary have the time to search for all of them and would be tempted to think: "hey...why bother searching when everybody knows what a ".com" is". This is a problem for new gTLDs: still, people don't necessary know that they exist...but for those who do, there a certain factors to consider prior to buying.
Which other factors to consider?
I sometimes help trademarks to look for the right domain names and also buy some for myself from time to time so there are things that I do prior to registering a new domain name
Singular VS Plural
I am always very careful with singular and plural versions of the same domain name extension: I would not buy one and not the other or just would not use one of these unless it is absolutely necessary. I believe that a good example can be the ".photo" and ".photos" new gTLDs: I would buy the two of them...but not only.
I created a list of these new gTLDs which exist in two versions: Singular and Plural. If I a pay a lot of attention to check that list prior to suggesting a client to buy a domain name, I am also very cautious with similarity. When considering to buy a domain name related to photography, one should know that the ".photography" new gTLD also exists. With new gTLDs, similar domain name extensions can cause to choose the wrong domain name very easily.
Similar domain name extensions are to me the worst trap that one can fall into. Some domain names can be very similar due to the extension ("first level domain" for the geeks). For example, if a domain name ending in ".new" will probably not have the same content as the same domain name in ".news" (ie: www.whatever.new and www.whatever.news), confusion could be total for two similar websites: one ending in ".photo" and the other ending in ".photography", same for ".build, ".builders" and ".construction" or ".taxi" and ".cab".
I often update my list of similar new gTLDs because it is to me the number one tool to use to avoid choosing the wrong domain name extension when searching for a name.
There is another factor to consider in similarity: if it is rather unlikely that the plural version of an extension will exist, it is more likely that...the .BRAND extension of a generic TLD will exist. I mean that a Trademark might have applied for a new domain name extension that a third party will not be able to register: it is the case for .AUDI and .AUDIO domain names. The .AUDI new gTLD is a Trademark and available for registration to the AUDI Trademark...only. Another example: ".CITI" and ".CITY"
The ".com" domain name is also to consider when looking for a domain name because the risk remains high to start a communication when a third party already uses the same ".com" domain. When not available, I'd just suggest to consider changing name and not waste time trying to negotiate with an existing owner who wants to sell a ".com" at a high price. New gTLDs offer more precision today and I consider that ".com" can start to be used as redirections. When creating the name of a project, a trademark or a company, the domain name should be part of that search and not come second.
Actually, confusion now also exists with ".com": did you know that there is a .CAM and a .BOM new gTLD?