If your products share many of the same option selections you may want to create an Options Template instead of creating options on each individual item. The Products =>Options Template menu will allow you to do this.
By using Option Templates, you can create all of your options for similar products in one section. For example, all your size and color options, and create them in the template.
Then, when assigning the option to your products, you can copy the options from the template or otherwise link it to the option template.
This can save you a great amount of time and work if your products are similar in nature.
For instructions on creating and using option templates, please review our knowledgebase article located here.