Bugmaster has good advice.
The only thing I want to add, and believe you MUST address (now!), is what are your future plans overall business wise? You have 1 website now but how do you plan to expand in the future?
1. Do you plan to just have one site, and one site only? OR...
2. Do you plan on adding more sites (it really doesn't matter how many at this point)?
The reason I ask you is because if you plan on adding more sites within the next 3-6 months then get a "managed VPS" with WHM/cpanel. The price is not very different. As an example I moved from a Hostgator Reseller (shared hosting) at $25/month to a fully managed VPS with WHM/Cpanel at $35/month. Both Reseller and my VPS work/act just the same but I have more features now.
Okay, so I have an additional $10/month expenditure but what do I gain with it?
1. More control - I get Root/ssh access which is important when you start expanding. Trust me that this will become a factor once you get to a point. How fast you get there is how fast you expand, add more sites, strategy etc. I save time going forward using tools that help me generate websites quicker.
2. More resources - With a managed VPS you get allocated a "dedicated" share of the server resources - this just a very, very basic definition so don't kill me over it. Unlike shared hosting you just share the whole damn thing so another user could be abusing the resources and slowing things down for everyone. That's why shared hosting claims "unlimited" items such as bandwidth, space, etc. I am now able to get better performance
3. A managed VPS is hands off for the most part because the support staff make sure the server is secure, updated, etc. Read and search about "managed VPS". The WHM/Cpanel is usually additional but the service I'm testing adds WHM/Cpanel at no additional cost.
So, if you just have 1 site. Only care for 1 site for the long term then stick with a shared hosting account as the cost is better on your end. But don't sacrifice everything for simply saving $$ because you get to a point where you need to put more $$ down to make more $$.
Just for reference I have about 10 sites (some mine, others I host for friends for a fee) but I also host my PBN with another host and I'm expanding atm. So a managed VPS with root access is vital when you start to use tools that require server access. How big you want/need to go should dictate your decision.