How Do I Correctly Format External Hard Drive for Time Machine?

I am having a lot of difficulty with getting an external hard drive to work for backing up my laptop with Time Machine.

I am running macOS 12.3.1 Monterey on a 2021 MacBook Pro that uses an Apple M1Max chip.

The external hard drive is a LaCie 5TB Rugged that connects with USB-C.

I have used Disk Utility to erase the hard drive and reformat it to AFPS. When I add the disk to Time Machine and attempt to begin backup I get the Red i Info that says, "Time Machine couldn’t complete the backup to “RoadTMBkup”...There were no disks found to back up...

I repeated the process using Disk Utility to again erase the LaCie hard drive and reformat it to Mac OS Extended Journaled. Same result.

Would appreciate any help.