set up after purchse of theme forest theme

i have recently purchsed a new theme ,which i have downloaded to my computer also i have downloaded the latest version of wordpress am i right in assuming that by purchsing my theme i now have a host for my website and someone in the community can tell me how to get my wordpress software and theme up and running

First, you need to purchase a domain name and a hosting plan from one of the numerous hosting companies.
If you purchase the domain name from a different company than your hosting, you’ll have to point the domain name to the hosts nameservers. After that you can login to your host and install Wordpress using Softaculous from cPanel. Finally you can login to http://yourwebsite.com/wp-admin and install your theme purchased from Themeforest. Better search for step by step video tutorial on Youtube on how to do all of the above.

If you need, I can help you on both installing the theme and to setup your hosting as well

Thank you for your advice can you recommend a hosting company as i am doing this project on behalf of a friend cost will be important we already own a domain name. basically whats my next move ?

For starters, you can get a Shared Hosting Plan from a hosting companies. Just do a Google search for best hosting companies and make your decision based on your needs and budget.
When you purchase the plan select “I already own a domain” and type your domain name. After completing the purchase you’ll receive two nameservers and the login details for your hosting.
Go to the website you purchased your domain and type the nameservers your received from the hosting company in the fields named “Nameservers” , “Custom DNS” etc. (this differs from one company to another).
Next you’ll have to wait for the DNS propagation. When this is completed you can go to http://yourdomain.com/cpanel , login with the details provided by the hosting company , search for Installous and install wordpress.
Go to http://yourdomain.com/wp-admin , login and install your theme.

It’s not that hard and as I said before, you can search on Youtube how to do this.
Best of Luck.