Custom domain is a fairly new feature available recently for bloggers using the New Blogger platform. Most bloggers using Google Blogger do not have their own domain. Instead, they have a sub-domain in the form of http://yourblog.blogspot.com.
Some people are not too happy to use a sub-domain for their blog, as the sub-domain does not belong to them, but to Blogger. Some also have the opinion that it is less prestigious to use a sub-domain, rather like using your home for a business office which then therefore command less respect. If you are of that opinion, this is where custom domain comes in. You can register a domain for your blog and Blogger can host it free for you. And not only is it free, you do not have to bother with the hassle of using FTP (File Transfer Protocol) to publish your post. And you can use the new features available for New Blogger like Layout, drag and drop, Label list, etc.
Some bloggers are still not satisfied with just having their own domain, and want to host the blog on their own with a third party web host in addition to having their own domain. In this case, in addition to having pay for the annual renewal fee for the domain registration, you will have to pay monthly or yearly hosting fees. Depending on which web host you choose, you may also have to bother with limited bandwidth, etc. If your blog attracts high traffic, you may have to pay more for more bandwidth, etc.
If you are using your blog for business purposes, it is probably good to have your own domain for your blog. You will then have to register a suitable domain name. Now getting a suitable domain name may not be easy as many domain names have already be taken up and the one you want may not be available. This is where www.buydomains.com comes in. You can search for suitable and available domain name using their search box or their Advanced Search Tool.
If the searches don't turn up anything, you can use their new New Domain Alert to alert you of new available domain names.
Now you can also make a business of blogs that you start. You can register good domain names which you think may be of great value to someone, but who may happen to be late on the scene. You can then put up your domain name for sale at Sell Your Domains.
If rather than just parking the domain names, you start blogging and build up a good PageRank for the blogs. A domain name with a good PageRank> can probably fetch higher prices. A PageRank of 5 is not too difficult to get if you put some work into it. Your blog will then fetch a good price
In addition, if you join the Google AdSense and place contextual text and/or image ads., Google search boxes or Google referral text or buttons on your blogs and get it up to earning a decent income, your blog can fetch even higher prices as there are people looking for ready made revenue generating blogs and are willing to pay for them. If you want to go that route, I can help you. Just comment in any of my blogs or email me. And when you are ready, just put the blog/s up for sale at Sell Your Domains.