Q: How to a create a partition on my external HD. 1 Partition for old data and 1 for data backed up by Time Machine

I have just bought myself a Transcend external HD. I would like 2 create 2 partitions on my external. One will be used for the old data, and the other half of the partition will be used for backups by time machine. Can someone please tell me if this is possible and if it is how do i set it up? Thank you very much.

AIDAN KILIAN