In SVN there is no specific operation as a branch , all operations (tagging, branching) just essentially make copies in the SVN repository (however, on the SVN server these are not separate copies, i.e. you are not doubling the space on the server side, but instead cost almost nothing). So, all you need to do is just copy it to another place and start working there:
$ svn copy svn://host.example.com/repos/project/trunk \ svn://host.example.com/repos/new_project/trunk \ -m "Creating a new_project based on project"
After that, you probably want to switch the local working copy to point to the location of new_project in the repository:
$ svn svn switch svn://host.example.com/repos/new_project/trunk .
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