I only purchased mine for a year when I started simply because I didn't have a lot to spend. I think once my business is established I will more than likely renew for several years. I didn't get mine from GoDaddy but the company I got mine from were EXTREMELY helpful and knowledgable and I'm glad I did it. I built my own site to save costs and learned a lot in the process. It was relatively painless I'm glad to say.