I am about to post this comment on a LinkedIn group I belong to.
Budget? When considering PPC (Ed. Note: Pay Per Click)... or do you want to do it via sweat equity?
Some basic steps before trying to build traffic and before you consider anything else, especially when you have to pay for the anything else, are - does your site measure up in:
3. Content (is KING!)?
Ask your mother (or someone equivalent)...ask a teenager...ask a true friend...only after they say you site is OK can you start the campaign.
Terra hit on link building (build backlinks) and PR (agree with Steve via press releases). There is also article marketing, producing videos, etc.).
But where is your business blog? Best way to drive traffic in my estimation, when you combine with other factors to do it right!
Ask yourself: "What other social networking media are you using to promote your business?"
One thing I strongly disagree with Steve is the statement that a Web designer should be able to create an SEO website without question. When it comes to small business entrepreneurs, I find the exact opposite to be true. Most business owners do not even get involved with their sites. They are not knowledgeable. They generally farm it our to a relative or a barter partner or latch on to a "freebie" site builder.
For the few who use professional Web designers, I find them utterly lacking in basic SEO skills. Meta tags, alt tags, title tags, bold, headlines, submissions, site maps....Steve, where are they on most sites?