In a rather confusing move, Facebook now has a separate option to promote posts on Business Pages for those businesses with less than the required 100 fans/likes.
Where Can I Find Facebook's Promote Page Posts
These are now housed as part of Facebook's Advert Manager section which is in the left hand sidebar of your personal profile. Click on the link and you will go through to a page that allows you to select the Business Page you wish to use. Select your Page and you get the option to choose between
Get More Page Likes - Build Your Audience, which allows you to build a regular Facebook and
Promote Page Posts - Get People to See and Engage with your important messages - which allows you to choose one of your posts to promote to a chosen audience.
With Promoted Posts, businesses with more than 100 likes can promote chosen status updates to appear in the newsfeeds of their fans and the friends of those fans for a set fee depending on how many they want to reach.
But With Promote Page Posts (or Page Post Ads as they are becoming known), it works more like a regular Facebook advert, where you can select the location, gender, age and interests of your audience, designate a daily budget and pay an agreed CPM (cost per mille or impression) figure.
Unlike Promoted Posts, these do NOT appear in the newsfeeds of your fans but in the right hand sidebar along with the other Facebook ads for anyone fulfilling the criteria of the location/interest stipulated.
So, in some ways, they are better for local business in that they can be targeted geographically and in terms of interest but they are not in the full view of those people in their newsfeed.
If you want to achieve that and you have less than 100 fans, then you need to do a Sponsored Story - also available via the Advert Manager. This will show in the newsfeeds of friends of your existing fans with the moniker 'Jo Shaer likes *name of business page* *post*'
Where they do score over Promoted Posts is that, rather than just lasting for three days and then stopping, you can set things up so that ads run regularly, with Facebook always selecting the most recent status update to promote.