All business experts agree on one thing: the importance of having a business plan. Yet plenty of entrepreneurs plunge into the self-employed arena without a formal business plan. Why is that? We’ve heard plenty of excuses posing as reasons. A lot of entrepreneurs, specially married co-founders, are carried away with the idea of starting their own business and figure their passion and optimism are enough to build a successful company. Others say they are just too busy to write a formal business plan.

But operating a business without a plan, regardless of the model, can prove even more time-consuming and costly in the long run. This week, Mike and Mayra discuss the benefits of having a business plan and point you to online resources to get you started.