that your blog - yourname - is under the domain of blogspot.com (or blogger). The drawback is that you do not oqn this domain and can hurt you in the future specially if your blog takes off. However, both blogger.com and wordpress.com offer you the possibility of having your own domain pointing to your blog. The only thing you have to pay for is the domain name which you should get from a registrar like dynadot.com, godaddy.com, just to name a few. Prices can be as low as 10$ a year and it is worth it. I really do recommend you get your own custom domain and use it. Alternatively, you can get a free domain name where you can even have access to features such as forwarding, DNS, etc. at co.cc (www.co.cc).
Obviously, there are other alternative to blogger and wordpress but I strongly advice for you to stay away from them. The major problem you will encounter is the lack of support and since both are widely used, you have a vast community of bloggers or blogs that gives you tips, tricks, hack, fixes and just about anything.
To summarize: You can get your free "everything" to start your Internet business, at the following:
Blogger.com or Wordpress.com (Blog hosting, free templates, email accounts, etc)
Free additional templates - falconhive.com, eblogpemplates.com, or google "free blog templates"
Free widgets creator - wowzio.com
Free forms (to embed on your blog) - emailme.com
Free domain name - www.co.cc
Free blogger support, fixes and tips - bloggerbuster.com, bloggerindraft.com, google webmaster central
Free wordpress support - wordpress.com, wordpress.org and "google" free wordpress "?" the question mark being whatever it is you need.
The above free resources will get you started and with a little bit of hardwork might just give you what you need not only to start but to use it for a while, until you think it is necessary to sophisticate.
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