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Enable the cache option and GZIP compression in global configuration. Please be aware that signs of caching can take time for the effects to kick in. Also Virtuemart, at present, doesn’t allow these features.
Minimise the number of components and modules that you use. The more you operate the slower the site will run.
Limit the size your image files.
Avoid using external website feeds, modules and components. If you have for example your Tweets from Twitter than your site is needing to retrieve all that information, externally, for each page load.
Use a host who offers Joomla!, WordPress and other CMS hosting solutions. They are used to supporting GZIP compression and they won’t oversell capacity.
Avoid using loads of images on your template and CSS. If you are then compress and compact.
Optimise and repair your database.
Keep Joomla up-to-date so it’s secure and has no bugs and is always optimised.
Install the web page speed tool from Google. It works on Firefox and instantly can inform you of ways to improve any website showing errors on a risk scale.