Thank you Ian.The external hard drive - EHD - for TM backups needs a rotating platter drive rather than an SSD which would be overkill. The storage capacity should be between 1.5 and 2 times the storage of your Mac.
The format on the EHD depends on which operating system you have. Older systems need Mac OSX Extended Journaled whilst newer systems require APFS.
As regards EHD make, any of the main suppliers would do. Unlike SSDs where certain parameters are crucial, that is less of a consideration with EHDs.
Ian