Is it gut feeling, how good the customer service looks, how good the banners are and sponsor content is, how many sales you get told you'll make by the webmaster tour?
Is there more than that?
or is it just a niche that appeals to you and you think you could sell it?
Are you more likely to sign up to a program if you know the rep?
Are you more likely to sign up if they offer hosted galleries?
What will make you stop dead in your tracks and not take them on?
And what doesn't sway you one way or the other?
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