To become a domain registrar, one must be accredited by ICANN (Internet Corporation For Assigned Names and Numbers), which involves a non-refundable application fee of $2,500. The process is complex and requires technical expertise, including a static routable IP address and a DNS server. The domain registration market has high barriers to entry, significant costs, and limited profit potential, as many companies offer domain registration as a loss leader to promote other services like web hosting and email. It is often more feasible to partner with established registrars like GoDaddy, marking up their services slightly for profit, rather than attempting to operate independently in this challenging and administrative-heavy industry.