Action Details
Requirements and how-to articles for Instagram's action:

Set Up a Business Profile
On Instagram, you can convert your profile to business profile to get access to features to help establish a business presence and achieve business goals.

Requirements
You need this to get it done:

Instagram Profile
You must already have an existing Instagram account to a business profile.
Business Category
A category the business operates in (selection provided.)
Contact Information
The business address and phone number.
Facebook Page (optional)
Instagram recommends that you connect your Business Profile to a Facebook Page that is associated with your business as this will make it easier to use all of the features available for businesses. At this time, only one Facebook Page can be connected to your business profile.
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How-To Articles
A list of useful links for you:

0
Instagram Help Centre - Set Up a Business Profile on Instagram
The official Instagram help page for setting up a business profile.
Official
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