Reducing the size of a pdf or scanned text

I have a 10 page pdf document which i scanned initially on high quality mode so the size came out to be 9 MB. I converted it to black n white and then used a tool to compress it even further by reducing the quality. It came to 1 MB at the least. But i need to make it less than 500 KB. Due to some restrictions on a site where i have to upload. Its a simple document containing only text.
Although there are tools which compress it even further like i tried to make it 70px .... but the visiblity of the letters suffers..

Please advice some alternative good ways... to do so.. May be to compress it or to scan it in some way from the beginning so as to reduce the size.

Rohit BajajAsked:
Who is Participating?
Joe Winograd, Fellow&MVEDeveloperCommented:
RobOwner (Aidellio)Commented:
Have you tried ocr (optical character recognition)? There are online versions like our your scanner software may even support it. Look for scanning to doc / word
Shaun VermaakTechnical Specialist/DeveloperCommented:
Can you provide a sample?
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Dr. KlahnPrincipal Software EngineerCommented:
OCRing the text will provide the best results, as plain text compresses very well.
Joe Winograd, Fellow&MVEDeveloperCommented:
> OCRing the text will provide the best results, as plain text compresses very well.

If there's only "text" in the documents, that's a fine approach — after performing OCR, you can ditch the scanned-in image layer and have only plain text left, which, of course, will result in a small PDF file. But if the document has important non-text in it, i.e., charts, photos/pictures, screenshots, etc., that must be retained, then you'll want to perform OCR into what's called a PDF Searchable Image file, as discussed in this EE article:
PaperPort - How To Create Searchable PDF Files

A PDF Searchable Image file has text from the OCR process, but also the scanned image, which would still result in a large PDF. Some OCR packages provide an option to discard or keep the image layer, such as the -K option ("conversion keeps original images") discussed in this other EE article:
Batch Conversion of PDF, TIFF, and Other Image Formats via Command Line Interface to PDF, PDF Searchable, and TIFF with Power PDF Advanced

Regards, Joe
Besides OCR, there is one more thing that can be done to reduce the pdf file.
If the file contains photos, then the photo size, resolution may be reduced. Usually I do that with an external software, before I insert/convert the photo/picture to pdf page.
But there is a software that can optimize it for you the entire document, including the picture size/resolution automatically. I use it from time to time and is good. I recommend it.
The name of the software is NitroPDF. It lets' you edit the pdf files and has OCR function inside, including export to Word, Excel and other format. It is not free, but you may try the free trial version of it:
Here is the description for Optimze PDF function:
The OCR:
In case if you have photos inside, then you can achieve down to 25-30% size of the original file, if you do need high resolution photos inside. IN case you do not have photos, then it depends, you must try it out anyway, because is free to try. For me it worked out very well in the past.
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