How Can I Market And Sell My Local Community Website To Businesses As Well As Attract Local Internet Traffic?

A friend of mine has started up a website which caters to the locals in the area looking and searching for business in the area and providing info on local events.
It just launched recently however she is having trouble finding clients to advertise their businesses on the website. The website also provides local listings such as events that are occuring in the city etc.
Its a really good idea, however I dont want to see the site flop. How can we market or what strategies can we use to improve it, and make it a high traffic and popular website to the locals and its businesses? How can we be able to utilize search engine optimization?
Take a look at the site, and please give your info. Much appreciated thank you!http://www.viva505.com