Blog-well.com has put together a great guide on how to transfer your site from WordPress.com (your url would look like this: yourwebsite.wordpress.com) to your own domain (yourwebsite.com) and fully hosted using your own hosting account.
Previously you ran the risk of losing your page rank and any search engine rankings and incoming link traffic, but the free report tells you how to take care of all that and move without cost in traffic or rankings:
Transfer Blog From WordPress.com to Your Own Domain
As an alternative, you can let a Ninja install your blog for free 
Most bloggers start out using a free blog service. Blogger.com or Blogspot.com is the most popular, but there are others including WordPress.com which is a free sub-domain version of WordPress.org (the hosted version of WordPress).
The Best Reasons to Use A Free Blog
Testing Blog Ideas
If you have an idea for a new site, but you’re not sure if the niche will be popular or how people will respond to your idea, you could use a free blog as a way to test your idea risk free (no cost) and do it quickly.
This way you can be more certain that your concept is going to fly before you commit to purchasing a domain and hosting and the time it takes to create a hosted blog.
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