How do I create a new workflow copied from an existing one?

I have a custom workflow that I would like to duplicate to create a new one with a few differences.  How do I do this to make a new, unique project without harming the original?  Can I simply copy the project folder to a new one and rename workflow project within as well as the primary model?  Or are there too many issues with this method such that it's easier to start from scratch?

Thanks.