You could choose a 2nd level domain such as wroughtirongates.com or blanko.co.uk, or choose to share a 2nd level domain so as to be able to allocate 3rd level domain names within your organisation such as sales.blanko.co.uk, hr.blanko.co.uk, engineering.blanko.co.uk etc.
The use of domain names for a web service or maybe an FTP service will normally require that a static IP Address is associated with the domain and the mapping held in DNS records. Anytime anyone types your domain in their browser they are routed through to your server by means of the associated IP Address.
Most home Internet connections are provided with a single IP Address served up by your provider dynamically. This IP Address can change if your equipment goes offline for a while and the provider serves a different address when connected again, or due to a configuration change in the Internet Service Provider network. If it changed and you were hosting a website then the DNS records would be incorrect and no connections would be routed to your Web Server.
There is an answer to the problem which involves DDNS (Dymamic DNS) which does not include paying for a static IP Address. Not having a static IP address means your modem's IP address is will always be subject to change by your Service Provider’s DHCP servers.
DDNS involves signing up to a DDNS service provider where they supply you with a software program that monitors your gateway IP Address from one of your network workstations and report any changes to your DDNS service provider. They make the necessary DNS server changes to ensure consistent, continuous communications. Some home routers already ship with what is known as a heartbeat client.
You have the option of buying a domain name of your choice (subject to availability) or accept a domain name offered by the provider. Now you are ready to host a service on the Internet, safe in the knowledge that should your Internet Service Provider issued IP Address change, your DNS records will also change to reflect the use of the new IP Address.
DDNS is covered on some of our instructor-led training courses.