The main reason why you want to convert your Instagram Account into an Instagram Business Profile is so that you retarget your Instagram Account engagers with ads.
How to Switch an Instagram Account into an Instagram Business Profile
The process of switching an Instagram Account into an Instagram Business Profile takes less than 2 minutes.
Here is the written guide:
Step 1: Go to your profile and tap the upper right menu
Click on the menu button in the top right corner of your Instagram Profile
Step 2: Tap Settings
Tap the Settings button in your Instagram Profile
Step 3: Tap Account.
Tap the account button in your Instagram Profile
Step 4: Switch to Professional Account.
Tap the Switch to Professional Account button in your Instagram Profile
Step 5: Select Your Category.
Select one of the offered categories, or manually type in your category, to begin the process of creating an Instagram Business Profile.
You can also follow the steps to connect your business account to a Facebook Page associated with your business.
This step is optional, and will make it easier to use all of the features available for businesses across the Facebook family of apps.
At this time, only one Facebook Page can be connected to your business account.
Add details, like your business category and contact information.
Step 6: Tap Done.
With a business account, you'll be able to access business features and Instagram Insights. These tools can help you understand who is engaging with your business on Instagram.