Facebook announced today a new tool to convert your Facebook Profile to a Facebook Page. The biggest difference between a Profile and a Page is that Profiles require you to invite and/or approve friends before they can view your information like wall posts, photos, etc. while content on Pages is viewable by the public. While Profiles are great for individuals, Pages are better suited for businesses, nonprofits and public figures.
When businesses first adopted the use of Facebook as part of their online marketing strategy, many set up Profiles for their organization. They invited customers to be their "friend" on Facebook but the closed nature of that approach was less than successful in communicating their brand on Facebook. While they could set their Profile to be public, unless a customer was a friend they didn't see any news updates from the business in their news stream. When Facebook added the option to create Pages, some businesses opted to maintain their Profile because they didn't want to start over and risk losing any friends in the transition process.
The new Profile to Page conversion tool, however, makes it easy for a business to transition their Profile to a Page without losing any of their friends. Friends are converted to Likes automatically and photos from the Profile are carried over to the new Page. However, the tool does not migrate any other data such as wall posts, videos or events. Those will have to be added manually until Facebook creates an automated method. The conversion is irreversible at this time, so before you make the move, consider downloading your content so that it isn't lost.