The reason: If you don't have the proper permits and licenses or your establishment doesn't comply with fire codes, food regulations, or other codes or rules that apply to your type of business in your grand opening could be delayed – for a month, two months or even up to six months or more! Meanwhile, during the time you're unable to open, you'll be stuck paying rent, utilities, franchise fees, equipment loans, and startup expenses without any income coming in to help with the bills.

The type of regulations with which your business will need to comply and the government agencies involved will depend on what kind of business you're opening and where it's located. To save time, call a nearby Small Business Development Center or SCORE office and ask if they have someone there who can help you determine what licenses, permits and inspections you'll need to open your business to the public.

If possible, contact businesses that have recently opened in your area and ask how long it took them to get everything in order for government officials. (Try to find similar businesses that don't compete for the same customers as you do.)

Once you've gathered the information, be sure to include the costs of licenses and permits and any typical delays experienced by other businesses into your financial estimates for the opening. If you don't, you run a very real risk of having too little cash on hand once you can open to make a go of the business.

More: We Don't Need No Stinking Permits