Hi,
I beleive there are still a number of free website services around however I would not recommend using a free service for a business. In my opinion it looks cheap and does nothing for your customers confidence in your business.
If I were you I would purchase yourself a good domain name which is related to your business first. A domain name can be purchased for under $10/£5 and I personally use
http://www.namecheap.com
Next you need to decide if you want to design the site yourself and host it or pay someone else to do this for you. If you have zero experience in making websites and hosting and it's for a business then maybe you could look at hiring a freelancer to do it for you -
http://www.guru.com or
http://www.freelancers.net or
http://www.elance.com
There are also sites where you can signup and build a simple website online with the help of a wizard, see
http://www.homestead.com/
You can make money from a website but how much depends on the quality and amount of traffic and also the topic of the website. The most popular tool for making money from your website is probably Google Adsense -
http://www.google.com/adsense
Hope this helps.