With that in mind, I have outlined the three major elements involved and where the fees come from - I hope you find it helpful in determining the right fit for your company!
THE DOMAIN NAME
The first element is the web URL, or domain name and is your unique website identification (ie: www. YOURSITENAME.com). Once you purchase this from godaddy or another domain registrant, you are the registered owner of that domain name. You are required to renew this domain name on a regular basis (yearly, every 2 years, 5 years, etc.) - This can cost anywhere from $2.00 a year up to $2000.00 or more depending on the popularity of the name you choose.
The domain name is the equivalent of licencing or registering your business name, if you were to open up a brick and mortar shop. Until you point the domain name to something, it really does nothing but identify you as the registered owner of that name.
THE WEBSITE HOSTING
The second element is the "website hosting". This is the virtual space where your website pages are stored - it would be the equivalent of the space you would rent if this were a brick and mortar storefront.
The cost for this varies based on who you decide to use for hosting and the type of hosting that you select (cloud based hosting or server based.). Usually this service is charged on a monthly basis and on average will cost around $30.00/mo.
Mind Trip Productions charges based on the type of website that you will be creating and our hosting starts at $12.50/mo.
THE WEBSITE DESIGN
The final element, is the website design element. This is the design, layout and content of your website. If this were a brick and mortar storefront, this would be the equivalent of the paint on the walls, shelving, product, etc. Basically all of the contents that you would put in your store.
This is also the element, where web designers and hosting companies earn their money. This is also the element where you can save money if you have basic web skills and are willing to put the time into learning about design programs. The cost of website design is usually a one time fee (unless you decide to change the look, layout or content of your website) and the cost can range anywhere from a few hundred dollars to thousands.
So you see, the decision to "open up shop" online is a little more than simply selecting a cool name. When it comes to your website, take the time to shop around and be sure that you are putting together the right elements to fit your own personal needs!
Be well and have fun!