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UPDATE 12/6/14: There is a step-by-step video on how to do this using the current version of Facebook.  Click HERE to view it.
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Here’s a question that comes up a lot:  I’m self employed.  How do I change “works for” to “owner” in my profile?

The first thing you need to do is create a “page” for your business.  Click HERE for instructions on how to do that if you do not already have one.  Make sure you are logged into Facebook as your Profile, not your Page before following the steps below.  Instructions on how to switch back and forth between your Page and your Profile, and how to tell the difference, can be found in the same post mentioned above on how to create a page for your business.

1: On your profile, click edit

2: Click on Education and Work (delete anything you have there that is linking to anything other than you)

3: Type in the name of your fan page to link it. If you want you can change the title of your position to self-employed or CEO, many just leave it at “Works at…” You can write in whatever you’d like.  In the example below it says “Visit my fan page at” just before the link to the Fan Page.