I'm trying to understanding proof by induction.
But how do I check if that is correct? How do I know what I need to show? Any help would be great. Just trying to get my head around this.

So I have altered my base step to $0$, then with the induction step we assume that LHS = true. With grouping of the terms to get the final formula to show its true. Answer = $(2^{k+2}-1)$
You need to prove 1: the Base step (the property is true for a particular $n=n_0$) and 2: the Inductive step (if the property is true for some $n=k$, then it is true for $n=k+1$), that's it.
Then by application of the the Base and repetitive Inductive steps, the property necessarily holds true for $n_0,n_0+1,n_0+2,\cdots$.