I bought a domain name from godaddy and have an idea for a business model that I want to set up. I have no clue how to setup/build the website though. Do I need to buy hosting packages? How do I implement WP to my webpage?
Any help or ideas would be great.
In a nutshell.
You need to buy a hosting package from the myriad of hosting providers out there. Preferably choose one that offers a one-click install of WP. Once you buy the hosting package, you need to change the nameservers at Godaddy to your hosting provider's nameservers.
Once that is setup, you can easily install WP from the hosting company's cPanel, choose a WP theme and you are done!
The number 1 thing is establishing SEO, otherwise there wont be traffic.
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There are plenty of ways of getting traffic without any SEO. How do you know his business model relies on capturing search traffic anyways?