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1. link building(By myself/ outsourcing it to companies by directory submission, article submission and so on)?
2. hire content writers to add unique content for my website?
3. Buy high PR links?
Please suggest guys.
My main aim is to increasing traffic and to increase PR
If you don't have must content of interest and are unable to provide this yourself, then, yes, you may need to think about hiring somebody. You won't likely get much in the way of original content within your budget, however, so you might want to think about working on the site yourself.
Links from directories, blogs, etc, seem to be counting for less and less (if anything) these days. Better to first create valuable content, and then contact sites whose users would value your content. (In other words, find sites which are complementary to yours, rather than competing against yours.) If you get useful content, you will get the in-links.
Then keep creating content, and wait. A good site can take months, if not years, to "get off the ground".
Assuming you have an infinite number of funds and assuming you manage to place an ad, or a link, to every other site, you will end up getting 0 sales simply because a single server would not be able to keep up with connections. In which case you would have to distribute the traffic load first, before expanding your marketing campaign.
While Adwords is always an option, it can get expensive and you need to make sure you convert. A less expensive alternative for me has been Facebook.
The other way to generate traffic is article marketing. I use ezinearticles, and they help me a lot. But the key here is really about the content....write up content for your site post it there first.
Also check out scribd.com--another great resource for posting articles that drive traffic.