Prepare all of the ingredients before you begin cooking.
Use a sharp knife to cut the bacon into 1/2 chunks. You can keep the bacon assembled together as you cut as opposed to one slice at a time, but it is pretty slippery and you will need to use caution.
Chop one medium onion and place into a bowl. Set aside.
Cut the bell pepper into strips, removing the seeds and the inner membrane. Chop the pepper strips and place in the bowl with the onion.
Mince two cloves of garlic and add it to the onion and pepper.
Wash the potatoes. If you are using red bliss or fingerling, you do not need to peel them. If you are using potatoes with a thicker skin, peel and discard. Cut the potatoes into reasonable, bite-sized pieces. You do not want pieces so big you cannot eat them without a knife, but not so small that they will disintegrate when cooking.
Measure out the chicken broth. You can measure the milk and heavy cream later so that you only need one measuring cup.
Place the cut bacon in a large soup pot or Dutch oven and cook over medium heat, stirring occasionally, until brown and crispy. Keep an eye on the bacon because it burns quickly.
Remove the cooked bacon from the pot using a slotted spoon and place on a plate lined with paper towels.
Leave about two tablespoons of bacon grease in the pot (remove the rest - check out Tips & Tricks) and add in the onion, garlic, and pepper.
Sauté onion, garlic, and pepper in the bacon grease, cooking over medium heat until the pepper is soft and the onion is translucent, 4-5 minutes.
Add the smoked paprika and the crushed red pepper flakes, stirring constantly, for one minute.
Sprinkle the flour over the veggies. Stir constantly to be sure that it is fully incorporated and that there are no big pieces of flour, about one minute.
Slowly add in the chicken broth and raise the temperature to medium high heat.
Pour the milk into the mixture.
Add the heavy cream in a steady stream, stirring with a large spoon or heat hesitant spatula.
Carefully add in the potatoes. Remember that the liquid is hot and it will splash.
Stir in the corn.
Return the cooked bacon to the soup, reserving the equivalent of about two slices for garnishing.
Lightly salt.
Bring the soup to a gentle boil - not a strong, rolling boil - and allow to cook about 20 minutes until the potatoes are cooked. You can determine this by piercing several potato chunks with the tip of a sharp knife as you near the end of the cooking time.
Ladle the hot soup into bowls and garnish as you would baked potatoes - a sprinkle of cheddar cheese, a dollop of sour cream, and some of the reserved bacon. If you would like to add green onions, trim a bit of the green part. You can also snip chives over the sour cream (green onions and chives have a similar taste, so you may not want to use both). Above all, make this soup your own, something that will become a family favorite in no time!