This may or may not be possible but thought I would try asking....
Library: New Business
What we would like to do on the home page is create a button that when clicked would automatically create a copy of the template.xls file directly under the library "New Business". That way the user can create a copy of the file w/o having to know how to go in and copy or move, etc. They could then change the name of "copy of" or template.xls to the correct name and go in and work on the file. Is this possible?
Assume you Mean from SharePoint based on tags. I would look into just utilizing a document template. I document library settings > advanced settings you can specify a document to use with the "New" button and just put your template there. This would just create a file utilizing that template by default.