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When people contact me with questions about getting their website started one of the things that they ask is they have to get their own domain name. The answer is no. The question that they should be asking is should they and the answer would be yes.
Having a domain name that is unique to your website and/or business is very helpful when your looking at search engine optimization. It is also something that your potential customers do look at. You want to have a website that customers can remember and usually using a free web host and using their standard web address tends not to be memorable. For example: Which do you think is easier to remember? 1) justmommies.com or 2) justmommies.freehostia.com?
There are plenty of places online now where you can purchase a domain name for a year as low as $3. And as an added bonus there are many web hosting companies that include your domain name with purchase of their service packages for $4 and up.
I believe that if your going to be online the best thing you can do for your company is to spend up to $200 for domain name and a reliable web host. It is the best investment you could have.