Domain – First off, you need a very good domain name. If you have a niche in mind, you should name your domain accordingly. It is recommended that domain name is relevant to your website niche. This helps in indexing your site faster in google. You can register your domain using any of these services – yahoo, godaddy, register.com etc.

Webhost – Like a house serves a person, a webhost serves the domain. Webhost hosts your site on their server. You can have shared ot dedicated hosting. If you are just starting out, go with shared hosting. It is not as expensive as dedicated hosting, and most of the maintenance of the servers is automatically done for you. Once you start getting good amount of traffic, you can try dedicated hosting. You can try some of the recommended hosting services like hostgator, bluehost, lunarpages etc.

Design and Development – Designer or developer is the one who programs your website, who makes it functional. You can do it, or have some professional do it for you.  Keep in mind that you want your visitors to keep coming back to your website so the design should be extremely appealing, and website should load fast.