If you accidentally (or on purpose) created a Facebook profile instead of a page for your business, Facebook is giving you a chance to make it right. Actually, it’s more than a chance, it’s kind of an ultimatum as using a profile page for your money-making or non-profit entity is a violation of their terms of service.
Prior to now, you could get away with it because switching from profile to page meant losing all your followers and starting from scratch. To quote Inspector Clouseau, “not anymore!” You can now use the fancy dancy migration tool to automatically convert.
Once you complete the process, your friends will become fans (I like the sound of that) and you’ll have access to a larger number of tools and stats. It also means that you’ll be able to cross the 5000 friend threshold because there’s no such limit on fans.