What is the best way to market online?

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I need to advertise a new business. I just go the website finished but I don't know anything about SEO and minimal about online marketing. What should I focus on? It is best to try to drive traffic to my site and then won't that increase the page rank by the amount of traffic? I don't know it seems better to do it that way because not only do you know people are seeing your business but you get the site moved up in rank....am I right or no?

First I was just going to pay someone to do the SEO and get in on 1st page google but then I got to thinking maybe it won't get much traffic as people have to search for those keywords. But then I started to think It might be better to advertise another way online and drive traffic to the site.

I'm really in the dark here...any advice?

For the online marketing has anyone used facebook ads? What is the best way to market a business online locally?

Please don't tell me panda or other terms like that bc really I don't have a clue, it's like another language so tell me like your teaching someone who doesn't know anything.

One more thing...I've been told it takes about 3 months to get 1st page ranking but it that right for a new site that has no rank? Is there anyway to see if whatever their doing is working because they want to be paid weekly and How do I know it's getting results?

Thanks!