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I had a webdesigner build the site as I have no experience with this, which also means I cant update my site without paying him to do it for me. The meta tags and keywords seem to be pretty relevant though.
I approached an SEO company who quoted £5000-£6000 to get my site from PR0 to beat the current PR5 website that holds command over the specific keywords. Its a neiche market so I guess it shouldnt be too hard to get to the number one spot.
Have I any chance of going it alone?
Where do I start or should I not even try?
The question you should ask yourself is whether you're willing to spend the time required. The 5K the SEO company mentioned is for their time. And it does take a lot of time.
A website with a page rank of 5 can be beat, but it's not particularly easy, especially if the site has been at the top of the rankings for a long time.
10K Dollars will buy you a LOT of clicks on Adwords, MSN Adcenter and/or Overture (Y!) and with the right bids that means you will be #1 for your KW's now, not in 2 years or 6 months or even 1 month. Your site is built, I would assume it is ready for traffic so that you can sell whatever product or service it is that you have to offer.
NO ONE can guarantee to get you #1 for any term that has ANY competition and if they get you #1, what is to keep your competitor from hiring another guy to get him to #1?
Then where will you be, will your SEO guy come back and get you back to #1 for free?
My advice, and take it for what it is, my opinion and free....
Buy clicks for a new site if you want traffic and keep working on picking up some links to your site, submit to DMOZ, buy a slot in Yahoo's directory if there is a space for your niche, read around and pick a few other directories to buy a link in. The back links will help the organic traffic come with time and the paid ads will bring the customers now. Consider spending a bit to outsource a link campaign....
One caveat to all of this, if you are planning to make money from this site buy displaying Adsense or YPN ads, ignore everything I just said and learn SEO. Outsource a link campaign to assist. It is VERY difficult to make money buying ads to show people ads (see arbitrage).
Just my 3cents
M