The common reason for that message is insufficient space on the source volume, which requires a minimum amount of free space to create those Local Snapshots: About Time Machine local snapshots - Apple Support.
Try to create some additional space by following these two Apple Support documents:
Free up storage space on your Mac - Apple Support
Optimize storage space on your Mac - Apple Support
Be advised that once you create that space, the apparent amount of free space may appear to decrease — the opposite of what one would expect. A period of time is required for the Finder to make that space available for Time Machine to create those Local Snapshots and subsequently allow it to create a backup. That period of time is commonly accepted to be as much as 24 hours, so be patient.