To add new options to use for your products, choose "Manage option" from the "My Store" menu or from the home seller area.
Now that you are into the "Your Options" area, you need to add a new option with the green plus button(shown in red below).
After clicking the green plus, your screen should look like the screenshot below. To make your new option, you need to name(in red circle) the option and select a type(in red circle) from the dropdown, such as radio button or checkbox to show on the front end. Once you name the option and select the type click the green plus to add your option dropdown on the product page. To name the option dropdown, fill out the leftmost field in the new area. Remember to save with the floppy disk button at the top before backing out.
Now that your options have been made, you can begin adding them to your new products. When adding a new product, click on the "Option" tab to add your options to the product. You can either type in the name(in red) of your option or choose it from the dropdown underneath the textbox to assign your option.
Once you add your option(example below), you can begin to add all of your option dropdowns that were a part of your option. You want to be sure to add an option value(with the green plus) for every option dropdown you made before or that come premade if applicable. You can also add another option by repeating the above steps, starting with adding the option from the text/dropdown area on the left(shown in blue below).