Next, you'll be asked to give a name and location to the new iTunes library you're creating.
It's a good idea to give the new library a name sufficiently different from the existing library or libraries, so you can keep them straight.
Then, determine where you want the library to live by navigating through your computer and selecting a folder for the new library to be created in. It's possible to create the new library in the existing Music/My Music folder. That may be easiest. That way, everyone's library and content is stored in the same place.
Once you've done that, click the "Save" button and your new iTunes library will be created. ITunes will then launch using the newly created library.