The Duplicate Products add-on allows you to easily create similar products without having to start from scratch each time.
With the Duplicate Products add-on enabled, you will see the Duplicate option when you hover over the product on the products page.
Clicking Duplicate will create a new product with the same images, files, settings, etc. The title will be the same as well, but with "copy" appended to the end of the title.
You can then make any changes to your new product before publishing it to your store.