A Domain Name points to the location of your website on the internet. It is readable by users and appears within your URL.
Previously, websites were listed as IP addresses, however this is a string of numbers that are difficult to remember and don’t support a user-friendly experience. Domain names were created to enable users to find your website and identify your business.
By using the same domain name as your business name, you can make it straightforward for users to find your website upon searching for you. It also maintains consistency in your branding and makes sharing your website and locating you amongst other results on the SERP easier. This is comparable to your home address and geocodes. The address points to specific coordinates, but is much easier to remember.
You will have to purchase a domain name from a registrar, and with over 300 million registered domains, you may be limited when it comes to the availability of your chosen name. As a result, you may need to be more creative in deciding the right domain for your business.