If not renewed, domain will be available for registration at the end of February first or at the beginning of March.

Without knowing the actual domain this is impossible to answer. If it's a domain like 'NoOneWillEverWantThisCrazyLongDumbName.com' that was registered for only a year, then you can probably wait for it to be deleted and buy it. If it's a great name like 'TheSex.com' that was registered for the last 15 years, then you would definitely want to get a backorder in. 

I have a domain for my business, www.rubberband.com as an example. The domain www.therubberband.com just expired (on December 12th) but it's still not available to purchase. Should I wait till it's available? I've seen some sites that let you put in for an auction or back order. 

I'm not really sure what to do and would love some advice. 

Expired Domain Advice