Storage space isn’t necessarily talking about space on your site, but rather, space to store your files on the backend. (Things like HTML files, email, images, and scripts.) Essentially, storage is the filing cabinet for the site. You’ll want to be aware of available storage space before signing up for a hosting service, because once the filing cabinet is full, that’s it.
If you don't care about having your own domain and don't want to do a lot of behind-the-scenes tweaking, you should really consider one of these online website builders, as they let you create surprisingly attractive yet functional sites hosted under their domains. Furthermore, these services can be incredibly cheap: Some offer free plans, though that generally means you'll have branding on your site for the website builder's company. You can often pay to get your own domain, and that generally removes the branding as well. But if you need some control over your domain and need a little bit more functionality, web hosting is the way to go.
If you own a business, your company needs a website. If it doesn't have one, it should. Naturally, online businesses by definition require websites for marketing and selling products or services by definition. In the internet age, however, even local brick-and-mortar business need to at the very least be discoverable via the web (and they probably ought to be selling online, too). Word of mouth only gets you so far in this internet-centric age. These days, people discover new businesses—even local business—via Bing, Google, and Yahoo, search engines that make it incredibly simple to find companies' products, operational hours, and prices. If your business doesn't appear in the search results, especially on the first page, it'll be difficult for potential clients and customers to find you. In other words, no website, no money. You do not want that. Of course, web hosting isn't just for businesses. You may want to host a personal website for many reasons. Either way, the services here have you covered.