Run a Contest and give away Free prices. This is a good way to get the site some traffic.

Design the Contest in such a way that it helps you in getting more traffic later. For example, ask readers to subscribe to RSS by email or make Comments on the blog or register to the site etc.

Make sure you don't offer something which you can't afford and Give the prize in a credible way. If possible, you can add some Surprise to it like choosing more than one winner. This will surely get you more loyal Readers.

For announcing your contest, you can use forums and blogs. Talk as much as you can about your Contest. It may not be a bad idea to buy some blog review posts too to spread the word. Do not forget Press Releases too if you think the Contest can appeal to many.