Some Questions Regarding Planning Paid Traffic, Split-Testing and Conversions

Hi,

I'm very new to paid traffic and conversions, but as I know - if I'm not mistaken - without enough conversions, the paid traffic will have low conversions and I'll get a negative ROI which is not scalable

But without enough traffic, I can't even test how much the conversions are and I can't make any money at all.


But I'm confused in how to plan the campaigns, I'm on $600 per month budget (the basic domain and hosting costs excluded):


What should I budget most on? Traffic? Conversions? 50/50? or what?

Or how can I calculate how much should I spend on each?


The conversion also depends on the traffic too, I mean where the traffic comes from, if it's targeted or not.


Which traffic source is best* to test conversion rates of Squeeze Pages if you're on budget?


*One that's not as expensive as Google AdWords, but not as cheap (and untargeted junk) as "get 5000 visitors for $5" offers.


I'll set-up my first campaigns, but I'm not sure which of the following is best way to start investing in conversion:


A: Paying an expensive copywriter for one squeeze page, and then use it in the next 12 months.

The problem with that is that I think if it doesn't convert well, then I have just lost a lot of money.

B:Paying a cheap copywriter (e.g. $100 per copy) to write multiple squeeze pages, split-test them and keep the one that converts best.

The problem with that is that I'm not sure if the $100 copywriters copy is worth the price at, or could I write my own copy with similar quality.


Or any other suggestions?