The domain name you choose for your business or website is extremely important. How easy it is to spell, remember, etc… For search engines the single most important thing about your domain name is that you have your keywords within your domain. If you own a barber shop in Brick, NJ and you buy/own brickbarbershop.com (buy the way this domain is available as of this posting), you better believe the search engines are going to give you a top priority when it comes to ranking. If there is a lot of competition you might not be number one at first, but with a few backlinks you should be on the first page for most long tail keywords. A good domain name can rise to be number one with very few backlinks, the search engines give a lot of power to keyword rich domain names. The most important thing is to make sure you get your site indexed, build up a few backlinks and see where you land in the rankings.
You don’t necessarily have to have your keywords inside of your domain name, you could always make it a brandable domain name. Look at Yahoo, Google, those are easy to remember brandable domain names. The thing with brandable domain names is you won’t get the instant authority the search engines give you for having a keyword rich domain. With brandable domains you have to go out there and get backlinks and add decent content to get your sight up in the SERPs, it’s a little more work than a descriptive domain, but it can be worth it.