Step 1. Identify offers

Spend 1-2 days selecting several potential offers from your CPA network. I recommend you choose 5 offers. Here are some criteria to use when evaluating offers:

1.    Offer type (Pay per lead or sale)
I like pay per lead better than sale because it requires less action from the user.
But that doesn't mean that you should avoid pay per sale altogether.  ClickBank for example, is a pay-per-sale network, and many of the products have a great sales letter that helps the conversion rate.
Example:
Here is a list of the available programs for PPC advertisers in NeverBlue (at the time of writing).

Figure 2. Offers in NeverBlue CPA network

2.    The payout
Is an affiliate program that pays $100 commission better than a program that pays $5 commission? Maybe. Maybe not.

It depends on the conversion rate of the program.

Look for a program that lists an EPC. EPC stands for "earnings per click". This gives you an estimate of what your max CPC should be to break even.
Using the example above, I’m going to select "60 Minute Payday".

Its payout is $42/lead and EPC is pretty good among the other "Lead" programs listed.

It’s certainly nice to have a high pay out, because as you get better, your earnings will really begin to soar.

Don’t forget to read the offer description.

Figure 3. Offer detail

It says above, “Converts on valid 2nd page” … this is pretty standard. If it's the 4th page, then I'd frown upon it because there’s always a user drop rate when navigating from page to page.

3.    The landing page
Next, analyze the landing page. Use the 5 second rule. Close your eyes, open them and look at the landing page. Within the first 5 seconds:

  • Do you know what the page is all about?
  • Do you feel comfortable with the page? 
  • Do you feel you can trust the page?

Figure 4. Landing Page for the offer

This page has all the right elements:

  • Good headline (I know exactly what I will get)
  • There's VeriSign and testimonials on the site(Trust factor)
  • Nice and clear page design, good job in putting all the elements together (comfort level)

Good. This offer seems to be a good candidate.
Now repeat the process till you find 5 good candidate offers.