I would like to congratulate you on your website, it looks great, wish you best of luck.
Updating the theme will not affect any of your content or options, but it is always a good idea to have a backup before you do.
1-Backup your Theme Options by going to Appearance >> Theme Options >> Backup & Restore and copy the in the [Export Options] block and save it in a text file somewhere safe.
2- log-in to phpmyadmin and have a backup of you Database by clicking import and saving the copy of the data base somewhere safe as well.
3- Download the latest version of Circle Flip from themeforest.net
4- Through the file manager on your site, Compress your circleflip folder to disable it from viewing on the Themes Page
5- upload the latest version of circleflip to wp-content/themes/
6- Activate the theme if it is not activated and check your website.
Hope you face no troubles, but if you do please contact us and I’ll be glad to help