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The competition of the keyword will give a basic idea of how hard that keyword will be.
Look to see how many people are targeting that keyword. Research the top 10 competitors and monitor their links, pr, and other major site statistics. The stronger your competition is the harder it will be for you to break into the top results.
I would add some content to the homepage and some subpages. My main focus would be to obtain links.
If you follow the basic guidelines of SEO you should do fine. Remember you wont see immediate results. everything you modify or do the site should be noted and monitored until the next time the site is spidered. keep notes and monthly statistics.
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