Doing a factory reset has some advantages for a few purposes. One of the big ones is wanting to remove all Data from the device.
This is handy if you plan on giving the device to someone else and don't want to give them your contacts or any other information.
In some circumstances it can even be handy to just start over especially if you have some minor issues and you assume the issues are Data related.
If rooted its a great way to wipe the Data and Cache area's to prepare to change the ROM of the device.
1. For a start take your phone and hold down your power button to shut it down.
2. Then press volume down button and power button and hold them untill next step.
3. When you will see LG logo on your screen you can release those buttons.
4. Now there should be a recovery mode menu on your screen.
5. Now use your volume keys to navigate to wipe data/factory reset option and select it with power button to finish the process.
6. And now your phone will restart itself so please wait patiently. Good job!
Despite the focus on the hardware issues, just like with the factory reset, this process is pretty invasive.
Since hardware and software work hand in hand, the action will still erase all the data stored on your smartphone.
Apps will also be uninstalled and settings will once again require a detailed restore and personalization.