Instagram introduced Business Profiles in 2016. Since then many businesses have chosen to switch their Instagram accounts from a personal profile to a business profile.
The change seemed inevitable, with Instagram now being owned by Facebook. In many ways, Instagram acts as an extension of Facebook, emphasizing the visual element, and this is particularly the case for business accounts and advertising.
There has been some resistance to making the change though. Many businesses have noticed the lower organic reach of their Facebook pages compared to personal Facebook profiles. They were worried that the same would happen with Instagram. In practice, however, there does not appear to be as much stigma attached to an Instagram Business Profile than there is to a Facebook Business Page. If you continue to share quality material through your Instagram Account, you are unlikely to see much if any reduction in organic reach.
This doesn’t mean that you should avoid having a Facebook Page for your business, however, as operating a Facebook page is a requirement for being able to convert to an Instagram Business Profile.
You will lose two features when you convert to a business profile, however:
In reality, although these features may be of value to a personal account, they would have little if any use for a business account, wanting to market, which is probably why Instagram removed them.