Any tips/tricks for cloning an existing operating system (Win10) to run in a VM?

I have a laptop with obsolete, licensed diagnostic software that I use on old equipment still in service. I’ve kept it alive longer than it should have been, but it’s only a matter time before a disk or mobo failure puts me in a bad spot.

I’d like to make a clone of the current OS (Windows 10) as-is that could be run in VirtualBox or some other VM as a backup. Is it as simple as making a disk image with DD and then loading that up in VirtualBox? I’m sure it’s not, but what am I overlooking? Or what other software would be better to use?

I’m fairly computer literate, but a mechanic by trade; So, not an expert.

Thanks for any help.