"Not" and "no" are both used to express negation or the absence of something, but they are used in slightly different ways:
Not: Denies actions, qualities, or manners (verbs, adjectives, adverbs).
Ex.) "I should not eat candy" or "I do not play basketball"
No: Denies nouns, indicating the absence of something.
Ex.) "I have no money" or "There are no dogs at the park"