| Physical Size
Before you do anything else, look at the dimensions (or physical size) of your image. Can you reduce it without losing information or details? In many cases, full-screen photorealistic graphics act like a wall between users and content, largely because modem users have to wait long minutes while these monster graphics download. Remember that your front door is not a book cover or a billboard. It doesn't have to incorporate a large, full-screen graphic. An interesting layout can often be created without this billboard effect.
Experiment with shrinking your graphic to achieve the same effect in a smaller space, or with creating part of it with HTML (such as table background colors or interesting fonts). Every inch that you can trim off your file's physical size can be a substantial file savings.
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Image Editing 101
Webmonkey article on getting started with image editing for the web, including the crucial first step: cutting back.

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