Yes, I know when it comes to setting up a Facebook account everyone thinks its a no-brainer. But when you set up a Profile for your Business and not a Fan Page it can cost you business in the long run.
Not only are there are many benefits for a Business to have a Fan Page instead of a Profile, but is a a violation of Facebooks Statement of Rights and Responsibilities. If you do not convert your business profile to a fan page you could permanently loose access to your profile an all the content you spent so much time uploading.
Fan pages offer more options that are better suit for business's. Facebook does a great job of explaining the benefits here.
So now your thinking, now that I set it up completely wrong how do I go about setting it up the right way. Well......At long last, there is finally a tool provided by Facebook to easily migrate from having a profile to a fan page. So if you have been holding off on going "legit" with your business as a fan page, now is your time. Follow this link https://www.facebook.com/pages/create.php?migrate to convert your Business Profile to a Fan Page.
Before you go off and convert your profile make sure you save any important content before beginning your migration. When you convert your profile to a page you will loose some content from your profile such as photo albums, profile information, etc. I recommend downloading your profile information from Facebook before you attempt your conversion. Facebook offers information on how to download your profile here.
After you have converted your Business Profile to a Fan Page, make sure you
make yourself and any others that need access to the page "ADMINS".
Also take some time and fill out all your information, so people know where to find you and can start "checking in" when they visit your business. (I will explain that in another post) After your done you will be able to sit back and not have to worry about reaching a max number of friends and can start taking advantage of all the advertising and marketing you can do with Facebook.