Celebrity chef Bobby Flay's No. 1 tip for starting your own business

div > div.group > p:first-child"> For the restaurateur's first business in 1991, he teamed with businessman Laurence Kretchmer to open Mesa Grill in New York. Fame soon followed, as the entrepreneur opened more eateries, became a TV personality and authored a number of cookbooks."My No. 1 tip for somebody to open their own restaurant is to be overcapitalized and overpatient," he said.

The median cost to open an independent restaurant is $375,000, according to a survey by RestaurantOwner.com, an online site for restaurant operators.The original Mesa Grill in Manhattan, which stayed open for more than 20 years, ultimately closed in 2013 after the landlord quadrupled the rent, Flay has said. His Las Vegas location, which began serving in 2004, is still in operation.

Flay clearly made decisions that he thought would benefit his overall business. His holdings currently include six restaurant names across the U.S. The chain Bobby's Burger Palace alone has 15 locations.From a new home to medical care, here are some important savings goalsHe also spends time in front of the camera, hosting TV shows like"Bobby Flay's Barbecue Addiction" and"Brunch @ Bobby's" on the Food Network.

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