It depends on your project structure. If you are not using milestones or subprojects in the project, then it is very easy. You just convert the project to a milestone, and then save that milestone as a template.
How to create a milestone template?
And if we created project templates already can we easily convert them to milestone templates?
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Thanks Josh for the quick response.
I also need to know if I am using milestones or subprojects in the project then how to go about?
Actually I would recommend hopping on one of the Q&As to see this, I just remembered one more step. You have to put the project inside of a parent project, then you would right click the project you want to convert to a milestone and change the type to "Milestone." Lastly you would right click that milestone and save it as a template. To see this in action, just hop on any of our Q&A forums: http://www.clarizen.com/live-demo.html. Monday through Thursday of next week we will have a Q&A forum that runs 10 hours a day and you can hop on/off at any time by going to http://clarizenusa.adobeconnect.com/qa