Study about webmaster tools, SEO and backlinks. These big trio will definitely boost up the chances of your site's search result to a higher level.

I've already spent about 3 months getting my site put together thru the homestead program, and I got alot of hits with the PPC method, but I just can't afford to continue that route. I don't mind spending more time doing what it takes, but at this point I'm lost. And they just don't give alot of information how to do things

Make maximum number of quality back links with anchor text .
The back links should be from websites with good page rank.If you dont know what is page rank and what is back link,a very useful online tool is there at http://www.seotoolskit.info

I would suggest to hire a seo firm...

there are many ways to get your desired traffic; the first is to read through this forum and do what your doing, asking questions. You will find a lot of great info and all experts that I've read recommend forums like these. Also, start link building using the different methods given on this forum.

If someone investing money for their promotion of website i preferred Google Adword.. Yes it is paid but you can get lots of traffic from that ... & do some SEO , Joining SEO forum to learn about SEO factors

Well, submitting to search engines can't be said as a waste of time as search engines are the only systems that provides you benefit for long term. Saying about backlinks, you should really take this seriously. Building backlinks would be very beneficial for your site in terms of traffic and SE ranking.

Just submit only to 3 major SE's, the Google, Yahoo and MSN. The rest is focus on submitting your site to directories and also on getting backlinks by doing other tachniques like forum posting, article submission, social bookmarking, blog comment and others...

Yes I agree with you dailyearner, but if you have some money to spend with it just to increase your backlinks of your website. But you can learn some basic SEO like what I am doing right now. I am just a noob blogger and SEO. It needs some time and patience when you start your SEO career.

There are many ways to help your site get traffic for free. One of the SEO technique is PPC, but we actually don't need to spend money for that. Nevertheless, we need time. Submitting your site to search engines somehow is useful, however you can go to Google to search for free search engines. There are plenty of sites out there. Besides, search for social network sites, blogs, forums, kiwi to submit and write about your site. These ways can help all. Yes, if you don't have enough time and patience, ask for SEOs to do that. At least, you don't spend much money as you had to. Good luck!