Copying current site to create Beta site

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I have a background in managing websites once they are built, however I have been handed the project of updating my company's current site.
I am new to Concrete5 and was wondering how I am able to download/copy my current website data and turn it into a beta site. That way I can play with changes to the beta site with the intention to completely revamp current site. However we all know how management is and it will be quite a process for approval of new design therefore we can start from what we have and go from there while our real site is still active.

Hope that makes sense & would love any help :)

 
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JohntheFish