Rent, utilities, insurance, security, loan payments on equipment already delivered, and the salary of anyone retained to hold the project together. Model those months explicitly rather than assuming an opening date. Add a construction contingency, because permits and trades slip. Application-related professional and government charges sit outside this and should be budgeted separately.
Negotiate the lease around the uncertainty
Before signing, ask the landlord about a delayed rent commencement, a fit-out period, a conditional term, or a shorter initial commitment. Understand what the deposit and any guarantee expose personally. Then decide how many months of carrying cost the investor can absorb if the opening slips, and keep that reserve outside the invested capital.
A lease signed months too early can consume the very working capital the business case depends on. Model an empty building for longer than expected, because the cost of holding a lease is the exposure that grows without any decision being taken. Rent, utilities, insurance, security, equipment finance, and any retained staff belong in that model, along with a construction contingency for permits and trades.
Keep that reserve outside the capital treated as invested, so carrying costs do not quietly consume the investment the case rests on. Ask the landlord before signing about a delayed rent commencement, a fit-out period, or a shorter initial term, and understand exactly what the deposit and any personal guarantee expose. Professional and government charges sit outside this model and should be confirmed at the official source when they fall due.