Elements to consider
1. Which stage is your business at? Does it need revenue leads ASAP? Ads may the best route is SEO is longer term
SEO is a longer-term strategy which works in a similar style to compound interest. If you're putting together a quick dropshipping business which needs success in under 6 months - PPC is definitely the best route forward.
If you're wanting to exit an established business in 10 years - SEO may be the best route. If budgets aren't huge - maybe a small ads campaign for quicker results.
2. In your industry do people trust organic more or ads?
If you work in the legal industry or a related YMYL (Your Money or Your Life industry) ads can run into plenty of issues. I'd suggest SEO strategies if you're in a medical business or similar - PPC if it's a less regulated industry or a combination.
3. Do your competitors use ads or organic more?
This needs to be considered as if it looks like they're dominating one or the other - if you look at the alternative - it could be a real winner. If your main competitor is spending thousands on Google Ads - it could be worth utilising SEO practices more.
4. What's your businesses long term goal? If it's a quick in-and-out - ads may be preferred
As mentioned above - organic traffic comes into a businesses valuation. You'll notice that on websites which are selling websites then they do mention the levels of traffic as part of the valuation if you're looking to eventually exit.
5. Could you do both realistically with your budget? And do the SEO and PPC freelancers know each other?
If you can easily spare the marketing budget for a crack team of SEO freelancers and Ads freelancers who can collaborate - you're onto a real winner. They really do complement each other. If not then it can be the case of doing a really targeted strategy to focus on one location/service area/product category then it can be expanded accordingly.