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Notes of the Episode
Helping pharmacists and pharmacy owners make a profit is Dr. Lisa Faast’s passion and mission. She firmly believes in diversifying revenue streams as a business owner and individual. More than ten years ago, Lisa started her first pharmacy business, which became very successful and positively impacted their community until she encountered some issues and had to close down. It was a traumatic experience for her, but now, she uses that experience to teach and help pharmacy owners make a profit.
For Lisa, the best place for patients in the community to get the pharmacy care they need is at that local, independent pharmacy, and the only way they will stay open is if they are profitable. So, it’s okay to make a profit! It is what pharmacy owners should be striving for. Hit the play button now for more valuable tips and advice on making a profit and diversifying your income streams!
Key Points from This Episode:
- How Lisa started as a pharmacy entrepreneur.
- She talks about a traumatic but learning experience when she had to sell her first pharmacy due to legal issues.
- What got her interested in real estate?
- Many pharmacy owners feel uncomfortable with making a profit, but Lisa believes that we should make a profit normal in pharmacy.
- She encourages diversifying revenue streams as a pharmacy owner.
- Currently, she owns several pharmacies and is looking forward to adding more.
- Lisa also goes out of the world of pharmacy to learn what other industries are doing and brings those lessons and tips and tricks back to pharmacy.
- Lisa loves to help pharmacists on the business strategy side.
- What is Lisa’s advice to new pharmacists?
- Pharmacists need to understand the basics of and be best friends with marketing.
- How much money you make is directly related to how much money you can make for other people.
- Understanding your data as a pharmacy owner is like looking at a profit map – you would know exactly what to fix or where to go.
- Most pharmacists rely on prescriptions for revenue.
- Lisa shares her six pillars of pharmacy profit.
- You have to actively own your pharmacy.
- Lisa talks about her community and coaching program and services for pharmacists.
- To have a profitable pharmacy, you have to do the boring work. It’s what’s going to make the profit.
- What’s next for Lisa that she’s excited about?
“Profit is not a four-letter word. You don’t have to be doing something wrong or illegal to make a profit. It is okay to make a profit.” [00:10:11]
“There’s a lot of things that we can learn from what other professionals are doing right or what they’re doing wrong.” [00:13:19]
“To be in charge of your own destiny, you have to become invaluable.” [00:18:31]
“Yes, we control our expenses, but what [I] really have the most control over is how much money I make.” [00:19:42]
About Lisa Faast
Dr. Lisa Faast is an innovator, experienced business executive, and leader in the independent pharmacy industry. With over 20 years of experience as a pharmacy owner, consultant, compounder, and businesswoman, she is able to bring a unique perspective to the industry’s problems. Her passion is helping independent pharmacy owners thrive by focusing on diversifying and then growing revenue streams. She is currently CEO at DiversifyRx, a consulting and education company, and a multi-store pharmacy owner, in addition to being a wife and mom of 4.
She is on a mission to save independent pharmacies!!
Transcript of Episode