VMs can be cloned. A clone is an exact copy of the VM. Cloning is a very efficient way for creating VMs.
Right clicking on a VM and selecting clone will show the following dialog
Many clones of a VM can be created in seconds. Clones are VMs, so they too can be cloned. Hundreds of clones can easily be created.
If the "Set Host Group" check box is selected, the clones Host Group will be set to match that of the VM being cloned.
The clones will initially only use a few kilobytes of space in the servers storage pool.
VMs are created from Templates by creating clones of them. If you intend to have a VM for the purpose of cloning, you could change the VM into a Template. and create new VMs from the Template.