Free is something that most people look for when starting out with a blog. They don`t want to put too much money into a service when there are free sites like WordPress and Blogger out there to post on. However, going for a standard blogging site like this could very well cost you business.
Blogging doesn`t have to be expensive. You can get hosting starting at $7 a month for a good host and a .com domain name will cost between $8-10 per year. It`s a small price to pay for the boost in traffic that proper blogging can give you.
When choosing a domain name, go for something that either is your company name or that has your keywords in it (though preferably, your company name will have keywords). This helps boost your search engine rankings and should also be nice and easy to remember.
The fact that you have your own domain name will really make your blogging look more professional. It`s pretty obvious if you are cutting corners and using a mycompany.blogspot.com type domain name. Since much of marketing is based on appearances, why wouldn`t you take steps to ensure that your blog looks professional?