This is the most common choice for web hosting. Using a third party hosting provider allows you to concentrate on developing your website (or whatever else it is you may do), and leave the hosting tasks up to a company who (presumably) specializes in web hosting.
A good web hosting company will provide at least the following services:
- 24/7 support
- 24/7 FTP access (so you can update your website)
- A number of email accounts (i.e. yourName@yourDomain.com)
- Online control panel for managing your website
- A robust database management system, such as MySQL or MS SQL. This is so you can add your own database if required