Step 1 is not “$7^{2(n+1)} - 2^{n+1}$.” You're thinking in terms of expressions and you want to think in terms of sentences. This is one half of the conclusion to an if-then statement you want to prove:
For any $n$, if $7^{2n} - 2^n$ is divisible by $47$, then $7^{2(n+1)} - 2^{n+1}$ is also divisible by $47$.
Step 0 is the base case, which you have shown.
Step 1 is “Suppose there exists a positive integer $n$ such that $7^{2n} = 2^n$.”
Step 2 is: you need to show that $7^{2(n+1)} - 2^{n+1}$ is divisible by $47$.
You've got a few answers on how to show that. Essentially it's the old add-and-subtract-the-same-thing trick.
\begin{align*}
7^{2n+2} - 2^{n+1} &= 7^2\cdot 7^{2n} - 2\cdot 2^{n}
\\&= 7^2 \cdot 7^{2n} - 7^2 \cdot 2^n + 7^2 \cdot 2^n - 2\cdot 2^n
\\&= 49 (7^{2n} - 2^{n}) + 47 \cdot 2^n
\end{align*}
If $7^{2n} - 2^{n} = 47k$ for some integer $k$, then
$$
49 (7^{2n} - 2^{n}) + 47 \cdot 2^n = 49\cdot 47k + 47 \cdot 2^n = 47(49k + 2^n)
$$
in other words, also a multiple of $47$.
Step 3 is “Therefore, by induction, $7^{2n} - 2^n$ is divisible by $47$ for all positive integers $n$.”
If you follow these steps, and apply them to all proofs by induction, you will indeed profit.