What is hosting?
After you purchase your domain name you need to host it. Hosting is the process of putting your website on a server so that it available for everyone to view on the internet. A hosting company is a company that provides you hosting space.
Perhaps an analogy will help.
The local shop in your neighbourhood is probably paying a monthly fee to a landlord to keep the space to run his/her business.
In the same way, you will need to rent out a space for your website. A hosting company is like the landlord.
You can pay for the hosting company monthly, quarterly or yearly in most cases.
How much does hosting cost?
Hosting prices vary by the hosting company, by the space, by bandwidth and various other criteria.
For majority of the small sites I would suggest going with good hosting companies that charge around $10/month.
There are free hostings available but I would suggest you not to go with them. I would also suggest not to go with Godaddy for hosting. I personally suggest different hosting companies and packages based on my clients' needs.
Over the last 16 years I have worked with numerous hosting companies anchor. However, there are a few I have consistently used for most of my clients.
Here is a list of some of the hosting companies that I have liked working with.
2. HostGator Shared Hosting
3. IX Web Hosting Platform
5. Just Hosting
Some useful Software:
a. SEM Rush