Reuse Option Set for other products. Define an option set once and reuse it for several products. Ideally you will be able to select which options are available per product.
For example you have a lot of shirts. A typical option-set would be color. Then you would define the option-set color with all possible colors once. Let's say white, blue, red, and black.
For the first shirt you select the option set color and choose the colors white, black and red. For the next shirt you choose the colors blue, red and white.