What are the reasons for England wanting to explore and colonize America?

The Spanish and Portuguese were colonizing America and they were becoming really rich and powerful because of it so the English also wanted to assert their power in the Americas. More simply put, colonies meant power and they were also a great way for England to further their mercantilist economic view since colonies could provide a cheap source of raw goods and they wouldn; t have to trade or buy those goods from other countries because they could get it on their own with colonies without having to export as much wealth.