Your newly purchased domain has to point somewhere, which is why you need to get a server.
The easiest and cheapest way to get a Linux server is from one of the many hosting provides who operate large server farms at scale and will rent out their resources for a pretty low price. It's cheap, fast to deploy and easy to manage.Some can get as cheap as 4 euro per month, which is next to nothing.
I personally use Hetzner, because it's one of the cheap and high quality hosts, which nicely leads me on to the next segment.
Create an accountusing this link. It will give you a 20 euro bonus to play around with.
Some of my friends from the CIS (Russian Federation, Belarus and others) have noted that they can opt out of paying the VAT Tax on their Hetzner bill, so if you are in the CIS and have a valid payment method, have your tax registration number handy, this could save you a lot of money in the long run. And it's legal ;-)
Once that's set up, you will get a default project in your dashboard, clicking on this should present you with a pretty easy to use interface, we are interested in the Servers tab and from there we can create add a new server.
The location does not matter, just pick whatever is closer to where you live, pick CPX21 as your server type if you want to have a large website or plan on running other services, CX11 if you just want a basic website. Here is what your settings should look like if you picked CPX21:
You may want to enable backups, since they will allow you to restore the filesystem if you made a mistake, but if you don't want to, you can not enable them. Hit the big red button and within a few seconds you have a server.
Now, Set up DNS
The registration link is a referral link, and I get a small amount credited to my account for every sign-up made using it, and people I invite get their first 20 euro for free. It's a win-win situation and supports my work by reducing my hosting bill at no cost to you.