To become a web host do we have to purchase a static IP or is there any other way, through which we can host multiple websites. maybe this is not the right forum, i tried to search but could not find it.
You need at least one IP address. Whether you purchase it from provider or use your home routers external IP address. You will have to use something. But keep in mind that Apache requires a single IP address when Virtual Hosting and multiple if you plan to use unique SSL certificates for each host.
To be considered a viable web hosting provider you need to have a static IP address. Any other way and you'll have your clients updating their domain records to reflect the new IP constantly. If you're with a colocation provider and they're using DHCP then run....fast! If you're trying to be a web hosting provider off your ISDN or DSL line, do everyone a favor and dont bother. You're not going to have the required resources to host websites on a professional level. If you have clients lined up, you can start small by getting a virtual dedicated server very cheap and as you grow you can move to an actual dedicated server. So the short answer is, if you dont have a static IP and you're going to do webhosting for anyone other than yourself get a static IP, and dont host it off your home connection.
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