Celebrity chef Bobby Flay’s No. 1 tip for opening your own restaurant

He also shuttered his midtown Manhattan eatery Bar Americain in 2018 because renewing the lease would have required an extensive overhaul, The New York Times reported at the time.

“Like Broadway shows, restaurants have their runs,” Flay told the paper.

“We’ve had a good run,” he added. “But there’s no secret that it’s exorbitant to build and run a restaurant today.”

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.

More from Invest in You:
To retire with $1 million, Gen Z and millennials should do this
From a new home to medical care, here are some important savings goals
Young or old, it’s a good time to get a job

He 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. The latest figures from Forbes, in 2012, estimated his yearly earnings to be $9 million.

Flay said the key to real success is “believing in yourself.” He also tells people to “look for small victories” and not try to “conquer the world” in one fell swoop.

“When I’m opening a restaurant I don’t think about, you know, conquering the whole menu in one day,” said Flay.

“I take one dish at a time.”

Check out 5 Money Lessons Everyone Should Know by Age 30.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.