The New Blogger has recently rolled out its latest feature - custom domain. With custom domain, you can have your own domain name like myblog.com and have your blog hosted with Blogger for free. You may also choose to host your blog with a third party web host or even on your own, but you will have to grapple with various issues like the hassle of publishing your posts via FTP (File Transfer Protocol). A big disadvantage of hosting on your own is that many of the new features of the New Blogger like drag-and-drop Layout, Label List, etc., will not be available to you as you will have to use the old classic Blogger template.
Others who don't use custom domain will have to live with sub-domain like myblog.blogspot.com. Some don't like it because they say the sub-domain does not belong to them, but to Blogger. In addition, some are of the opinion that sub-domain are command less respect from surfers, rather like using a home as an office.
If you want to use custom domain, the first thing you need is to register a suitable domain name. The problem is, the Internet has been with us for quite some time already, and many of the more desirable domain names have probably been already taken. This is where services like www.buydomains.com can come in handy. www.buydomains.com have many domain desirable domain names that you may want to use for your blog. There is a search box into which you can type in keyword/s and search for your desired domain name. They also have Advanced Search to help you narrow down the search.
If you have a domain name which you think may be saleable, you can also put up the domain for sale through www.buydomains.com. You may also start a blog with custom domain (which means that the domain belongs to you, and not to blogger, and you may do whatever you want with it). You take care to choose a desirable domain name with good keywords in the URL, publish posts regularly, get the blog indexed by search engine, and get a high PageRank which will make your domain name more valuable.
You may even join the Google AdSense Program and put contextual ads, search boxes and referral links on your blog and work on it to produce revenue. There may be people who are looking for AdSense ready blogs to buy as then they can start earning straight away rather than starting from scratch.