Backing up the database is quite simple. You can do it by logging into your Control Panel and going to:

MSSQL Control Panel-> [Manage] -> SQL Tools -> Backup Database.

This will backup the database in your the webroot/data folder. You can now either keep it at this location, download it to your local computer or simply rename it for future use.

Error Situations:

Error: “A pre-existing file with the name <database_name>.sqlbak was found in the ‘data’ directory. Please move this file to another directory and try again.”

Resolution: Check the webroot/data folder. An old backup file should be existent there. Remove or rename that file and try to backup the database again. It should work now.