Here are few important factors in choosing hosting company:
1. Location of server (not hosting company itself), if server of your hosting company located in your business area, it is much better than it located in different continent. E.g if your targeted audience is in Australia, server located in Australia will open website much faster than server located in USA..
2. If you are serious in your business, consider getting VPS hosting than sharing hosting. Normal VPS hostings start from $20 a month. Don't expect speed from $5 hostings.
3. Normal server configuration of VPS:
minimum CPU - 2 core
minimum RAM - 2GB
hard disk - minimum 10 GB SSD
This kind of package would cost around $20 a month
Here are some of VPS hosting sites: