There is no direct method to backup your iPhone to an external hard drive location. There is a manual method whereby you backup your iPhone on your computer. Then move the backup file to the external drive until needed. If you need to restore from that file then you will have to copy the file back to the original location on your computer first. Yes this is a workaround if you absolutely must store backups on an external drive.
For very detailed instructions on how to do this please click here ➔ How to Backup an iPhone to an external drive.
Axel F.