If you're not sure of the type of hosting your business needs, you might want to start small, with shared Web hosting. You can always graduate to a more robust, feature-rich package of, say, VPS hosting or even dedicated hosting in the future. Unfortunately, some hosts don't offer all hosting types. Consider how much you expect to grow your website, and how soon, before you commit to anything longer than a one-year plan. It's worth spending the time up front to make sure that the host you select with is able to provide the growth you envision for your site, as switching web hosting providers midstream is not a trivial undertaking.
You can register a Biz.nf domain name (yoursite.co.nf) for free. Unlike dot.tk, which only allows registrations for one year at a time, biz.nf lets you own the domain for an unlimited amount of time, provided you only use it with its hosting services. Best for solopreneurs, biz.nf provides a free hosting and domain plan. You get 5GB of traffic per month and automatic installation of WordPress or Joomla.
A domain name is a website address made of a website name, followed by a dot, then an extension like .com (fitsmallbusiness.com, for example). You can receive a free domain by buying web hosting packages that include them or via domain name registrars offering little-known extensions like .tk. Paid domains offer extensions that lends to greater business credibility like .com or .net domains.