The support web page--the only one I found--at this link https://support.1password.com/backups/ (which mentions only "1Password" and not "1Password 7") is dated January 6, 2020, and it shows the following simple steps to create a backup (and also, where the backup files are kept, presumably for restoral):
Open 1Password and choose File > Backup. To find where the backup files are kept, choose 1Password > Preferences > Backups, & click Show Files.
Backups/Restorals were done this way in 1Password 6, I know, but "Backup" does not appear under the "File" tab, or anywhere else as far as I can determine, in 1Password 7.
1Password Version: 7.4.3
Extension Version: n/a
OS Version: macOS 10.15.3 (Catalina)
Sync Type: Resilio (formerly BitTorrent)