When you are logged in to your iwantmyname account, you can set up Bitly with your domain really easily from our one-click app Marketplace:
Just follow the steps and in a matter of seconds your domain will be properly configured.
Then you will also need to add your domain to your Bitly account. Their instructions: How do I configure my DNS settings to brand my Bitly links?
You may see things start working within a few minutes, but please remember that it can take up to 48 hours for DNS changes to fully propagate around the internet. So your website may not show up in all browsers immediately.