If Paragon Partition manager is anything like Partition magic, it should have a wizard that walks you through it. Basically install the product, and run it.
It should show you the current layout, and allow you to make changes. i.e. if you're drive is one large partition right now, I believe you just resize the partition, then add a new partition in the new space created.
I've used partition magic a lot in the past, and never ran into any issues - but you should ALWAYS backup your data.