New variations can be created in the the Space Admin. You can make as many Variations as you want. A new Variation will allow you to make small changes to the content without having to duplicate it.  

Add Variations in a Space

To add another Variation to a Space

1. Ensure Variations is enabled for the space.
2. Navigate to the Space Admin
   
   
3. Click on the Variations tab
   
4. In the Variation tab, click Create
   
5. Enter a name for the Variation and click Save
   
   
6. You'll notice there's 2 variations in the Variation list. Clicking Edit will allow you to change the name of the Variation. Clicking the drop-down will allow you to Delete the Variation
   

You've now added a Variation. You can now switch between different Variations when creating and editing content.