Create a Template from an Existing Component

Is there a way to create a template from an existing component? I tried creating a new template and pasting in my existing component which didn’t work, and I don’t see any property in my existing component that would let me turn it into one.

Edit: I figured it out. You have to create a new template and copy and paste the component into the checkerboard part of the template. However, it looks like the custom properties don’t come over.

Hope this helps some newbie like myself.