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. First step here is going to be switching off your device.
2. Now press and hold power button combined with volume down button.
3. When you will see LG logo on your screen, release the buttons.
4. Wait a moment and the recovery mode menu should show up on your screen.
5. Now try using your volume keys to navigate down to wipe data/factory reset option and select with power button.
6. It's finished! Hard reset is over and your phone will reboot.
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.