Should I wait until the spring time to do this?
Purple coneflower or Echinacea in the Asteraceae family of plants, can be divided in spring or fall; also by seed as soon as ripe (stratification is required). Divide every three to five years. During growth, cut back stems to base as blooms fade to encourage further flower production, or leave seedheads on for winter interest. They will occasionally self-sow. Generally they are short-lived even in the best conditions and worth replacing shortly after they pass.
They are valed as a cut flower. the central cone (disk) is also used in fresh and dried arrangements and can be left standing over winter for the birds. The dried root is used in modern herbal medicines, skin creams, and shampoos.
More help: http://www.clemson.edu/extension/hgic/plants/landscape/flowers/hgic1182.html
Hope this is helpful.