The only new Lot Type in this pack is Small Business Venue. When you Register a Small Business it defaults to running on the home lot, unless you manually change it to a purchased Small Business Venue lot in Business Settings (I'm guessing with Student Housing/Residential Rental you might have to buy a lot before you can Register a business, as you can't have them at home). The name of the home Lot Type changes to indicate it's also a business, but it doesn't need to be manually changed in Build Mode.
The "presets" refer to what Business Activities are chosen by default, before you make changes.