Similar to Pinterest, Instagram is a unique type of social media platform due to its main focus being on imagery. For that reason, Instagram may not be effective for every type of business.
First you need to look at what your business does. Will an image sell what your business is about? For example, if you’re an events management company, Instagram may work well as you can showcase the type of events you hold, the options available etc. But then again, you do need to consider the type of person your business is catering to and whether Instagram is a platform used by that particular demographic.
There are other things to think about also, such as the fact that you can add captions to your images but no links. Is getting clicks back to your website very important? If so, maybe you shouldn’t invest too much time into Instagram.