The 7 Things are:
Space: Most websites don't need much space (most sites are a few hundred megabytes), but a reasonable amount is requires to run a decent site with an number of pages. Don't pay extra for loads of unnecessary space. Companies will boost unlimited space. So what!
Contract Term: You can choose month to month hosting(make sure you remember to pay), but it is cheaper and easier to manage if you opt for a 12 month contract. It all depends entirely on the website itself(it could be a seasonal website ie Christmas). I would be very wary of signing up for any longer than a year, as you might be able to get a better deal from another provider.
Email: Does the hosting package include email addresses? and how many? To add some credibility to your site it should include your domain name. Support: Firstly does it support your operating system(Mac, windows or Linux)? and does the hosting provider offer 24/7 support (via live support or email tickets), should you have any queries or technical problems? Because if your website does go down you could lose considerable earnings, depending on the down time.
Software: Some hosting companies provide cpanel (beware other might charge for this option) or a similar control page, these application help you perform certain functions on your account and create blogs such as WordPress almost in an instant.
Bandwidth: This is the total allowable amount of traffic that your website can take. In most cases they will/should give you far more than you actually need.
Cost/Price: That saying "you get what you pay for" is very relevant to web hosting. The basic 'shared hosting' (sharing a server) is the lowest price to 'dedicated' being the most costly due to the fact that there is a completely stand alone server just there for you to control. Think long and hard before you decide which option to go for, because if you sign up for a year and realise 2 months in that it is not right for you, you could be losing a money in more ways than one.