Your online business: Web hosting
You have your domain name, now you need hosting for your site. This can be changed in the future - with hassle, it has to be said - but it can be changed. So don’t worry too much. To begin with it can make sense to buy your hosting from the same place as you get the domain name - for example 123-reg sell hosting packages as well as domain names and I would recommend buying hosting at the same time as you get your domain name. This obviates the need for changing DNS and such-like - not that it is complicated, but it is an extra stage that can cause problems.
What should I look for in my hosting?
Your hosting is where your website lives. Search engines take into account the physical location of your webspace, so that the cheapest hosting (usually in USA) is not necessarily best for UK companies (because you will find it harder to show up in UK search engine results)
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