Download the server.jar (assuming you are on windows)
Put into a folder and open it
edit the eula.txt and change false to true
open the server again
rename the server to minecraft_server.jar
make a txt document and copy paste the following text:

java -Xmx1024M -Xms1024M -jar minecraft_server.jar nogui

click save as and press all files then save it as start.bat

profit

Describe your needs, and how much you're willing to spend.

Spending nothing, you are limited to inferior options and highly limited features. Spending a little can go a long way. The next question would be the use - will you build with friends and release as public, or will it always be a private server?

And finally, how much effort are you willing to spend for developing the server?

Here is the official tutorial from the Official Minecraft Wiki, minecraft.gamepedia.com/Tutorials/Setting_up_a_server

I reccoment server.pro for a free server host. For a cheap domain name use NameSilo(7.99 for a net), or find a tk supplier. For free webhosting use 000webhost, and for a free website use NamelessMc. If you need any help or have any questions contact me on discord @ Themcbaws#3884 or contact me at themcbaws@gmail.com

What operating system are you running?