Quick question about using svn...import vs copy?

just wondering on how to do this.

i created a svn for my ‘base’ application. now what do i use when i want
to create a new application, based on the base application, and have it
in its own svn?

do i do this?

svnadmin create /svn/mynewapp

svn import -m “import base application” baseapplication

now… svn co file///home/svn/mynewapp
start working on new app and when done, check it back in?