Looking to buy a domain name for your start-up? A quick search will probably turn up what you already know—unless you have an unusual or really clever name, chances are the .com or .net or even .org has already been snatched up, relegating you to some less-than-perfect permutation of the name you really wanted. It's estimated that a mere 17% of the 4 billion network addresses are still available, and those may run out in five years, according to non-profit Icann, the Internet Corporation for Assigned Names and Numbers.

Here's the good news: global Internet regulators are meeting in Paris this week to decide whether they should set a broader criteria for approving new domain names—such as .car, .bank, etc. If the board approves the plan, by the beginning of next year there will be thousands of new domain names available, opening up a myriad of new opportunities for business owners like you. Not only would companies that didn't initially snag their first choice URL have a second chance, but businesses could even customize their new domain name to their business' operations or its location.

For instance, multiple cities are angling for dot names—including New York and Berlin who are leading the push. With a .nyc or .houston address, people searching for your regional business could more easily find you without paging through companies with like names located elsewhere. Right now only countries are allowed their own domain names. Likewise, if domain names for specific sectors open up, you could choose the domain name best suited to what your business does (.car, .retail, etc.). It's not a new idea—already some small countries like Tuvalu (.tv) and Micronesia (.fm) have turned over their domain names to television and FM radio companies for a fat payoff. Some companies are even vying for their own domain name—including eBay, which the International Herald Tribune reports is a serious contender.

There are downsides to what at first sounds like a free-for-all though. The fee for applying for a domain name will likely be anywhere from $39,000 to $390K - and that most likely won't be open to small businesses anytime soon. And it's of course unclear whether any domain names will ever be on an equal playing field with .com. Unfortunately, .biz, .org, and poor .net have never had the same edge. Beyond that, there's still speculation about how regulators will handle requests for things like .porn or .enter-your-favorite-profanity-here.

Stay tuned for the regulators' decision.