How to Create a Good Domain Name

Is it true that many good and short website names (aka domain names) have already been taken up?
I beg to differ. If you apply my tips here, you'll be able to make cool and good short domain name for your website.
Tip #1 - Short but Make Sense

I bet you've heard a lot about getting a short domain name is good for your website because it is memorable, catchy and easy to spell... whatever!

So, what kind of short domain name would you like to make for your website?

Something like Google.com, Yahoo.com, or Microsoft.com which tell you nothing about what exactly they're doing until they've built up their brands? Or you prefer something that is short but makes relevant sense to your audience?
Unless you're promoting your offline product brand or company name on the Internet that you have to use the brand or company name as your website name, I would suggest that you try to make your short domain name "tell" something up front. For example, SEOLeaks.com.
Don't you find it cool, unique and self-explanatory (if you know what SEO means)?
It's short and catchy as well. It's the result of creativity. And creativity can create unlimited ideas for domain names. I'm sure you're now somewhat inspired and ready to make a cool and unique website name similar to SEOLeaks.com. Go stretch your mind now!
Tip #2 - Short with Other Extensions

Okay, let's say you've come up with a domain name that you have a very strong liking for it, but someone else has already registered it along with the most wanted.com extension. Now what?
If you backorder the website name, you have to wait till it expires and the owner doesn't renew it. Also, you'll need to prepare a relatively higher price to get it. Or worse, try to buy from the owner and pay a hefty price for it.
I don't think it's worth going to that extent unless that domain is extremely important to your company or business reputation and you need it right away. There's always a good alternative to anything.
It may seem like your website name is of lower class just because you choose other available extensions like.net,.biz or.info etc. Well, this is of second importance to me because if there's another domain extension available that allows you to register your favorite name with it, why not?
But before you go ahead with that domain extension, check to make sure the name is not already trademarked by other particularly influential company like Google, or you'll be in deep trouble.
I personally feel that applying the first tip to make your website name short and good is safer and more unique because it is your creativity that no one can intercept. Second tip may land you in trouble unless you're sure that the other company (if any) will never grow big enough to take you to court if your website name happens to coincide with theirs.