Hi. Just to pipe in I would recommend a VPS if you have budget for it.
Cheap hosting has a tendency to crash at the worst possible time maybe resulting in you losing commissions/sales.
Charles Ngo recommends LiquidWeb who start at $50 a month.
Another point that needs to be made is that "cheaper" doesn't mean "better". I've analyzed the business plans of a LOT of web hosts and LiquidWeb is one of the good ones. They're service performs very well and they back it up with high-quality service. Their pricing reflects that.
GoDaddy (mentioned by the OP) is popular because they do an extreme amount of advertising. They're a well-known brand. This doesn't mean that they have good service or good support, unfortunately.
Hope this helps.