Traffic can be increased through SEO and SMM. SEO basically boils down to getting quality links to your website. For SMM, you want to create content that particularly appeals to people who are active on the social media websites.
If you are going to sell it afterwards then you have to do your SEO first by doing some signature posting and blog commenting. This is just he basics, you could also pass it to a directory and some book marking sites so that it could be crawled easily by spiders. If you got a pr then you could sell it on a fair prize.
Well, obviously, content is king. After you've gathered the good content, use SEO strategies on your website, to make sure it's picked up by search engines. When that's done, start advertising it, and start getting traffic. After you got the traffic, well, enter an ad network, use adsense and so on.