Think of a domain like it's your website's street address. You can have your address before you build your house. Domain Extensions give the address a better idea about the nature of your business. For Example .com represents a commercial business, or .florist represents an address who deals in flowers.
You can point your domain to your Instagram, Facebook, Twitter, or other social media account. Or even multiple domains can be redirected to same web address. I don't know about you, but I'd much rather tell people to friend me at AmpleDotes.Rocks than giving out some long, convoluted URL.
If you want to change the name of your brand. Buy a new domain and — once the new website is built and ready — redirect the old domain to the new one.
Why I need another domain?
Brand Protection :
Let’s assume your domain is – CoffeeQuick.com, and someone in another part has business with the domain – CofeeQuick.com or CoffeesQuick.com. This will automatically divide the traffic among both of these, because of the super similar names. And there can be thousands of names in different locations with different domain extensions (TLDs), so you can imagine the risk of losing your potential customer. It might lower down the reputation of your company as well.
In either case those counterfeiters might damage your brand identity or Users might lose faith and probably never type that name in their search bar again.
Expand Into New Markets or future plans to extend the nature of current business
It is never too early to start thinking about the geographical expansion of your business, and multiple domains for your business can aid in this endeavor.
In fact, if you operate an online business that serves people outside of your home country, investing in country-specific TLDs is a must.
Not Everyone Needs Multiple Domains, Though Think about your business?