I have started a new local business, My website is currently running on shared hosting and now I am moving to new managed hosting, should I move my website to WordPress staging environment first Or directly to the new hosting on domain?
Wordpress staging environment is preferable. Staging allows you to cross check for any broken functions/ pages.
I guess it depends on your level of expertise and how many pages your website would be. If it is going to be a few pages then you can do that on a live site.
Anyway, with WordPress you can have as many Posts as possible. This means you can unPublish a post that you do not like and publish a new post.
My website, http://bachutha.com, runs on a shared hosting. I do edits to older pages and add new pages on the live site. It is in the middle of a major upgrade as I had problems with previous shared hostings and lost some data and link. Now I have to find a good theme that can be displayed on ipads, phones, PC ... etc. Google with check the pages once a day or once a week to check for updates. Unfortunately, since my sites have been attacked many times by hackers, during 2011 to 2013 and they keep attacking, I spent most of my time developing a anti hacking firewall for the site. This means that I had not updated the site since 2017 but plan to do so soon. The firewall protection is very effective see https://drpeterscode.com/bad-bot-exterminator-protects-wordpress-sites-from-hackers-cyber-ddos-dos-attacks.php
Shared hosting is most cost effective when you do not have many visitors.
How many pages do you plan to have? If it is just a few pages move your site to a good shared hosting plan. Make backups of directories and files and the database before you move.
is there any specific reason for you to use wordpress ?
I'd suggest looking at https://webflow.com
Dedicated hosting, CMS and eCommerce Capabilities, Web builder with animation capabilities, can export site code too.