You set up your domain, but that's it.  At this point, you've gotta make the domain a website.  At that point, you'll need the "hosting".  

The host will have a CPanel or Control Panel that will give you the ability to manage emails, users, and how the site is managed.  

The ControlPanel is important.  Similar to a nice user interface in our business...if it's put together well, it makes it easy for novices to use and possibly get good at.  

Keep in mind that you can also change hosts.  It's as simple as pointing your site (once built) to a different server or set of servers.