There are 3 basic elements to having a website:
1) A registered domain name or URL (Example: www.mywebsite.com)
2) A web hosting Account (A computer that "hosts" your site on the web.)
3) A web site (The actual content displayed when someone visits your web address.)
Think of your domain name as your phone number on the web. It is how people can reach your site via the internet. When selecting your domain name the easier it is to remember, the better!
Register the domain name yourself. Do not allow your web developer to register the name. This will ensure it is owned by YOU and that any future value it may possess is yours. We encourage you to keep it simple and register only the primary web address. In the vast majority of cases, there is no need to register multiple variations and extensions of your domain name. Whenever possible, purchase the .com extension only.
We recommend Go Daddy for low cost domain registration services.
Think of your hosting account as an apartment you rent. You sign a lease, move-in and put your stuff into it. There are many different types of hosting accounts, just like there are many different sizes of apartments. If you are just getting started, the basic account is right for you. (Think studio or one bedroom). You can easily upgrade later if needed.
We recommend Dream Host for low-cost site hosting. Plus, they are green hosting site.