Just bought my first domain

Yep, that's a good start. Here's what else I would do in your shoes:

1. Find some forums in your niche and participate. Make sure they allow outgoing links in your signature to your site (like WF does). You may not get a ton of visitors, but if your contributions to those forums are informative and helpful, your site will probably never get such high quality visitors. They will already be pre-sold that you know your stuff and are someone to trust. See what I mean?

2a. Do the same thing with blog comments at blogs in your niche. Just be careful as some blog owners won't allow any kind of self-promotion in comments. If you're smart about it, you can achieve your goal without blatantly marketing. If you follow my meaning.

2b. Approach site/blog owners in your niche and ask to write a guest article in return for a link back to your site. Probably a good idea to approach folks in your niche, but not direct competitors. For example, if your site is about dog training, contact dog crate sites, dog collar sites, dog medicine sites, etc., but not other dog training sites. Visitors to those sites will obviously have at least some level of interest, being dog owners, but the site owners won't feel that they're helping their competition.

3. Create a Squidoo lens about your niche, but pick a good longtail keyword so you have a realistic chance of getting ranked quickly. Staying with dog training, instead of basing your lens on that keyword ("dog training"), look for something that isn't so competitive (like "how to train a dog"). Point links from the lens pages to your sales pages. You might even want to point some links to your articles at the directories to give them some juice.

Good luck!
John

A good start but traffic will be your first hurdle.

Use social bookmarking sites like Stumble Upon/Digg, submit original articles to article directories, create a Hub Page, use Yahoo Answers, create a Youtube video.

These are all free ways to generate traffic.

Hi Dragone. Here is something you can do. It has worked very well for me. You can create an account in Facebook, and then create a group that is targeted to your niche. Search for groups that are targeted to you and then add those people that are in those groups to your friends list. Now all you have to do is invite them into your group. Don't just sell to them but add value. The more value the better. Over time you can say Hey guys I just posted a new article in my blog. BINGO! Youll get tons of people flooding to your blog. And check this out. The more value you give to them, You'll get sales over and over because they trust you. It's worked very well for me. It also helps your blog to get ranked higher in Google. I get constant traffic to my blog all the time now. I make quite a few sales of Magnetic Sponsoring and other affiliate products just from this strategy. When I want to get more people to my blog, I send a message to my group telling them I just posted a new article. It's Powerful. Try it!

~ Gilbert Medina

Marty S makes a good point that you need traffic to get things going initially, so source listing is a very viable way to go. Social bookmarking via socialmarker.com is a great way to submit to many sites all at once, it can take a while, but you know for sure that you obtaining targeted traffic in the process, and getting your site listed in as many directories as possible!