If you're a new blogger with a .blogspot.com or .wordpress.com domain name, you'll probably want to get your own someday.
Why? One reason is that it is easier for readers to remember and less to type in. If people can't remember your address (and don't bookmark it from a previous visit), they're not going to come back.
Blogs with their own domain name look more professional. Blogs that have .blogspot in the address may like personal blogs, which few outside the blogger's family and friends would want to read. Or, it may look like a spammer's blog - set up quickly and at no expense, then filled with text found elsewhere on the Interent. If you're running a blog for business reasons, you don't want to be in either category.
Another reason is for advertising. Advertisers prefer to see an independent domain name. I have often seen paid blogging opportunities that specify that no .blogspot addresses are allowed. And, with your own domain name, you'll be able to get Alexa scores and Google PageRanks, statistics used to show how popular your blog is. You'll probably get more links in Google search pages as well.
If you want to get your own domain name, or even have your site hosted separately, one source is Codero. They provide hosting services as well as domain names. See more benefits in the graphic above.
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(This post is sponsored by Domain Promo Codes. Please see my disclosure policy for more information.)