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Pricing Strategies to Help Grow Your Small Business

One of the first lessons I learned when I started my business is that setting prices, especially for a service business, is quite difficult, especially when you’re essentially charging for your ideas, backed mostly by your reputation.When it comes to pricing, there are many important factors to consider, such as sales channels, cost of goods, and competitor pricing. But, just as important is how well you know your target audience and how much they value what you offer.Here are five pricing strategies to keep in mind as you grow your business.1. Understand Your Market PriceCorrectly pricing your product or service starts by determining the market price—the current price your product or service can be bought or sold. An economics professor will tell you the forces of supply and demand influence market price. The price at which quantity supplied equals quantity demanded is the market price, and because supply and demand are fluid, market prices change quickly. Factors such as employee wages, world events, and natural disasters all impact market price. Just look at how the recent pandemic disrupted the supply chains and affected food pricing on dairy, meat, and fish products.Start by researching market trends in your industry, market demographics, and supply and demand. Check with your industry trade association—they should have valuable information for members. Also, Google Trends is an excellent resource about popularity trends over a specific time period. Risk Management Association (RMA) Annual Statement Studies are available at libraries or online and provide benchmark financial ratios for businesses in over 370 industries.2. Cost of Goods Sold (COGS)Calculating the direct costs of producing a product (COGS) ensures you are not pricing your product too low or too high. Include the cost of materials, equipment costs, utility costs to run equipment, shipping costs, and labor directly utilized to create the product. You then add other factors to that total to establish a profit margin. Research what the average markups are for your industry. When pricing a service, look at standard industry practices, plus market prices.3. Sales ChannelsPricing also depends on your sales channel (or channels). Sales channels are how products and services are distributed to the customer, such as:Business-to-business (B2B): Selling products or services directly to other businesses.Business to consumer (B2C): Selling products or services directly to consumers or stores.Distributor: Selling to a wholesaler or distributor who then sells to retailers.E-commerce: Selling online.4. Competitor PricingThe amount your competitors charge for the same or similar products and services is a vital factor in your pricing strategy. Should you charge less, more, or the same? If you’re just starting, it’s difficult to charge more than your competitors unless you are offering something genuinely unique. In that case, you can take customer value into consideration (more on value later). Finding out the competitions’ prices is as easy as a quick internet search, but there are other factors to consider when comparing competitor pricing:What sales channels do your competitors use?How large are the companies? How many employees do they have?Where are your competitors located? How many locations do they have?What are your competitors’ branding strategies? Do they position themselves as high-end or low-cost leaders?How do the features and benefits of your competitors’ products or services compare to yours?What are your competitors’ pricing strategies? Do they offer bundled services or products for a discount? A subscription or member plan?5. Understand What Customers ValueTo define and measure customer value, you need to look at a product or service in terms of the benefits (technical, economic, social) a customer receives in exchange for the price they pay. Therefore, by this definition, lowering or raising prices does not change the value offered—instead, it changes the customer’s incentive to purchase the product or service. Part of your pricing strategy should be to note all the ways your products or services offer value, whether it’s solving an accounts receivable issue for your business client or satisfying a demand for vegan cookies. Understanding your value also contributes to your marketing strategy as you tout your value points to the market.Keep an Eye Out for Reasons to AdjustAs market trends change, it’s vital to consider whether your pricing needs to change also. Make sure you continuously monitor customer demand, the sales and pricing of your existing competition, and any new market entrants. Revisit your product or service’s value elements, as well. Then, when you’re ready to invoice customers, let Bill.com take care of the details and help you get paid faster so you can spend more time helping customers and clients.Image: Depositphotos

These 6 Tax Tips Will Help Make Tax Season Easy for Your Business

Tax season causes many entrepreneurs and business owners unnecessary anxiety due to fear of the unknown. But when you are prepared ahead of time and understand the process, tax season can be a breeze to flow through.

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March
17, 2021

3 min read

Opinions expressed by Entrepreneur contributors are their own.

Preparing for your business taxes may be more detailed than planning for personal taxes, and it requires you to consider more options. Be aware of the types of allowable business tax deductions that you can claim in order to reduce your taxes payable.Related: How Will the Biden Tax Plan Affect Your Small Business?This tax year has been unique in terms of the pandemic and government relief subsidies, so be sure to disclose all information to your tax accountant. You must report all income received in your business for tax purposes.The Internal Revenue Services has put together a tax information page on its website to use for reference. Click on Tax Information for Businesses, and read more tips below.1. Communicate with your tax accountantKnow which documents are expected and when the deadlines to receive everything are. Keep your accountant informed when there are changes in your life or business that would affect how your tax returns are approached.2. Make a list and gather evidence into a folderWhen you know which documents your accountant requires in order to complete your tax return, start collecting them evidence far in advance.3. Give yourself plenty of time to meet deadlinesIt never hurts to submit your information and documents required to your accountant earlier than the deadlines. This will allow you to have plenty of time and little stress about meeting deadlines, and if something unexpected arises, you still have plenty of time to meet deadlines.4. Review your bookkeeping for the year and look for any errorsWhen you have your bookkeeper do a final review of your books and correct any errors, it will be helpful to your accountant and help keep the costs down as well. You need accurate and current books to submit to your tax accountant in order to file your taxes. 5. Review tax-saving strategies with your tax accountantThe return on investment (ROI) of working with your tax accountant is definitely in how your accountant helps you plan for tax-saving strategies using personal and business tax tips.6. Plan for the next year aheadBe proactive for 2021 and start collecting and storing the tax information that you will need for next year in a safe place. When you place important tax documents in a folder immediately, it is a huge time-saver for you at tax time next year. Being organized and prepared helps the process go much smoother. You will also receive your tax instalment schedule from your accountant that you will need to follow. Related: 75 Items You May Be Able to Deduct from Your TaxesThe bottom line is for a tax season to run smoothly, preparation is key. It is important to pay attention to details and ensure you are submitting a truthful tax return. Having a good relationship with your accountant, with open communication, prevents the likelihood of misunderstandings and ensures the process runs smoothly. 

Chinese government demands that Alibaba get rid of its media

Officials are concerned about the company’s influence on public opinion in the Asian country, according to The Wall Street Journal.

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March
17, 2021

2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Follow Alibaba’s conflict with the Chinese government. According to The Wall Street Journal , the authorities have asked Jack Ma’s company to divest its shares in the media. According to the US media, officials are concerned about the influence of the ecommerce company on public opinion in the Asian country. This situation came about earlier this year after a review by Chinese regulators of a list of media assets owned by the firm. Officials were dismayed at the outlook and asked Alibaba “to come up with a plan to substantially reduce its participation in the media.” Image: Depositphotos.com Among the media in which Jack Ma’s company has assets are the Weibo platform, similar to Twitter, and the South China Morning Post, an English-language newspaper that is distributed in Hong Kong, among other publications. Such influence is apparently seen as posing serious challenges for the Chinese Communist Party and its own powerful propaganda apparatus, The Wall Street Journal sources explained, according to Reuters .

This Entrepreneur Dropped Out of Med School and Started a Business In His Garage. Here's How It's Going.

What are the key considerations for developing a social commerce brand the right way?

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March
17, 2021

2 min read

Opinions expressed by Entrepreneur contributors are their own.

James McKinney’s guest this week is Keith Eshelman, the co-founder and CEO of the Parks Project. The Parks Project is a social commerce company that has sells clothing and has donated over 50% of their profits to more than 50 partners such as Yosemite Conservancy, Sierra Club and the National Park Foundation.After a weekend volunteering in the Santa Monica Mountains in 2014, Eshelman and his co-founder, both TOMS employees at the time, were struck by the challenges facing America’s underfunded and underappreciated National Parks. They set out to harness consumer power to help support the enormous backlog of underfunded projects within the national parks system ​by creating collections of apparel and accessories that would further connect consumers with the parks they love.Within this episode you will hear quite a bit about the influence that Blake Mycoskie, the founder of TOMS, had on Keith’s journey. And that’s the beauty of entrepreneurship…it’s not a solo journey.In this episode, you’ll hear:How Eshelman was born in northern California and grew up around career professionals. He had a conventional path pursuing education that would lead him to a successful job.How he wanted to be a doctor and went to UC San Diego Medical School, but left after his second year as he couldn’t consume the detailed information required for med school. He graduated with a management science degree, minor in Spanish that allowed him to travel.How TOMS allowed him to have his first taste of entrepreneurship by being allowed to run popup shops.How he found his problem and why he pursued founding Parks Project, and what he is doing to fix it.How he started his company from his garage and has been growing his team ever since.You can listen to the complete interview here.Related: Execs at Coca-Cola Laughed at Her Idea to Start an Unsweetened Flavored Water Company. Now Her Company Is Worth Millions.

These Values Help Family Businesses Survive and Thrive in Tough Times

March
17, 2021

5 min read

Opinions expressed by Entrepreneur contributors are their own.

Despite spending eight years on the executive leadership team of a VC-funded internet company, and receiving offers to fund my own venture, I surprised many of my industry peers by opting for a family business model when I founded my company last year.It was by no means an easy decision. Internet companies, of course, require a certain degree of scale to succeed, and scale requires investment. If you’re not taking money from investors, where is it coming from? I was fortunate enough to be able to rely on personal savings, but clearly not everybody can do that or wants to take on such risk.Venture capital is, therefore, always likely to be the nature of the beast when it comes to internet companies, which is a shame given the massive influence of the sector today. As soon as VCs are involved, the decision-making dynamics in an organization change, as leadership teams are tasked with ensuring they provide a good return to the investors.To VCs, start-ups are entities whose run rates they can accelerate over a short period before taking them to IPO or selling to a larger company that wants to bump its top line. As the businesses prioritize this goal over others, it’s their customers that often lose out.I witnessed this first-hand in my own industry, design and antiques, whose shift to digital saw dealers grow frustrated when VC-backed online marketplaces moved to a transactional model, taking chunky commissions from their sales and regulating their communications with customers to prevent anybody from trying to move deals offline.I know the only way we can maintain our promise to build a marketplace that works first and foremost for its buyers and sellers, and is profitable and sustainable for everybody in the long run, is to be a family business. Our priority will always be the happiness of those actually using the marketplace, not short-term hyper growth targets.It is for these reasons, I believe, that studies consistently show family businesses are, on the whole, more successful. According to Credit Suisse, they outperform non-family-owned companies in every region and sector, with not just higher growth and profits but also better ESG scores and even greater resilience shown during the pandemic.VC-backed companies may be structured and funded differently than family businesses, but that doesn’t mean they can’t adopt some of the common traits that enable them to excel.Related: What Makes The Family-Firm Tick? Five Research-Based Decision …Here are four areas where I think internet companies can learn from family businesses: Long-term leadershipFamily businesses, by their nature, are built for longevity. They’re not looking for a five-year exit, but rather to provide long-term value to their customers, and are therefore less likely to sacrifice longevity for short-term gains. Distracted by quarterly returns or earn-out targets, public or VC-backed companies can lack this long-lens orientation.Members of a family business often act more like stewards, committed to handing it to the next generation in better condition than when they got it. Leaders of internet companies can benefit from this ethos, seeking to emulate the deeper, more meaningful connections that family businesses typically build with their customers, employees and suppliers, with the view that such engagement boosts the overall value of the company.Related: The Future of Leadership is Empathy—And Companies are Better for ItFamily valuesThe pandemic is forcing companies to lean away from the profit-at-all-costs model that has long dominated the business world, as people increasingly expect to engage with organizations that understand good business is human, not corporate. Family businesses have known this for a long time, which is why their principal motivation is more commonly passion and making customers happy, rather than rapid sales growth.  Great family businesses are, of course, underpinned by family values, encompassing trust, familiarity, integrity and humility. This could explain why a study by Harvard Business Review found that retention at family-run businesses is better than at comparison companies. With huge competition for good talent in the technology sector, internet businesses that embrace family values are likely to attract and retain better people.Patience, but moving fast when neededThe unique structure of a family business lends itself well to the kind of strategic patience that VC-backed or publicly-listed companies can oftentimes lack. Just because the chosen strategy doesn’t pay dividends in the short-run doesn’t mean it’s not right for the long-term success of the business. Facing pressure from external shareholders, internet companies can be prone to discarding strategies that don’t work immediately, while family businesses are more likely to hold firm and reap the rewards at a later time. Meanwhile, however, with absolute control of the company and its decisions, family businesses can also be in a better position to act and pivot quickly when markets change.The right balance between tradition and digitalAs the founder of an online marketplace, I will always advocate the incredible power of technology to connect us on a global scale. But digitization can also have some negative consequences when it is overdone. The internet can bring down barriers, yet intermediary platforms often introduce new friction to support their sales model and growth targets.Through their laser focus on client satisfaction, family businesses are willing to forego short-sighted growth opportunities to protect the long-term relationships with their customers. In the online world, that often means preserving traditional values that people still hold dear, rather than eliminating them all for the sake of digitization.Related: What We Can Learn From Natural Grocers’ 65 Years of Success

The Lack of Diversity in Retail: How Being an African-American in the Retail Industry Gave Me an Competitive Edge

March
17, 2021

8 min read

Opinions expressed by Entrepreneur contributors are their own.

My love for retail started early. I loved fashion, clothes and shopping. To this day, shopping is still one of my favorite past times. When I was in high school, I was in a professional youth mentoring program called INROADS. It helped Black teens with business skills — interviewing, resume writing, planning a successful career — and focused on their strengths for a career path. In this program, I found two things that I loved and was good at. Writing and shopping. I knew I could make money writing, but it didn’t really light me up. Shopping and retail, on the other hand, did. My early love for retail shocked program mentors. I was the first, and only, person who wanted a career in retail. This program was designed for “traditional” professions like lawyers, engineers or general businessmen. This was my first realization of the lack of diversity in the retail industry. The mentors had a challenge on their hands. My first experienceWhen one of the program sponsors, Boston Store, heard about my interest in being a buyer. I later found out the business had been wanting to participate in the program before but no one was interested in working with them. They were excited to finally have someone who wanted a career in retail. My mentor scheduled an interview for the internship.I met with an assistant buyer of women’s fashion. As a fellow African-American, she was really excited that another young Black person was interested in this profession. We hit it off right away and I got the internship. She was nice, informative and real. She showed me the ins and outs of being a buyer and what her and her boss’s job entailed. During the internship, I would go to her office at the Boston Store corporate office. There I saw the reality again. There weren’t many African-Americans in the office. As a teenager, it really didn’t dawn on me what was going on. Yes, I noticed it, but really didn’t think anything of it at the time.Related: When You Say There’s a Limited Pool of Black Talent, Here is What You are Revealing About YourselfThis internship started me on my retail path. I began to work as an associate for a women’s specialty chain called Jean Nicole. I really like helping people, selling and being around fashion all day. I worked other jobs while in high school, but nothing really gave me a rush like working at Jean Nicole. Senior year came and I had to apply to colleges and pick a major.  I knew I wanted a career in retail, I just didn’t know how to get there.My guidance counselor didn’t know what to do with me. “A career in retail? What does that look like?” she asked. I didn’t know, that was what she was there for, I thought. All I knew is that I wanted to be in the retail industry. So because I really couldn’t get help from her, I decided to go the “normal” route and major in business. I could get a business degree and use that to get into retail corporate.A growing trendI applied to a few reputable business schools and was accepted to Purdue University. Yeah! I was excited. Then, I read the entire package they sent me. I was accepted to the Consumer and Family Sciences (CFS) school. Wait, what? What is that? I wanted to go to the business school. I don’t even know what Consumer and Family Sciences was. Turns out, when I filled out my application and indicated that I wanted a career in retail and what my interests were, they changed my school for me and placed me on the right path. CFS was the school that housed the Retail Management program and I was accepted to that. They informed me that Purdue was in the top third of Retail Management programs in the country and would be the best school for me to reach my career goals.I couldn’t believe it — and neither could my parents. There was a school dedicated to people like me, people who loved retail and wanted to make it their career. Finally, someone got me. I found a place where I could fit in and be with people just like me. Or so I thought.My junior year rolled around and I was excited because I would be taking classes that were 100% for my major. I went to my retail math, buying, textiles, and project management classes and I noticed one key thing: I was the only Black person in every class! I mean in every class. Now to put this into perspective, Purdue is a predominantly White institution so the diversity ratio was low to begin with. However, my friends who were in engineering, accounting, social work, and business saw plenty of peers that looked like them.It was staring me dead in the face again. Retail was not a very diverse industry. At least not at the level that Purdue was preparing me for.Related: Do Diversity and Inclusion Have to Be Overwhelming?When I graduated from Purdue and started my professional career, my first job was as an assistant manager for Express. I loved Express. I had been a customer, so to start my professional career there was incredible. When I walked in on my first day, I saw it. I was the only manager that was a person of color. When we had our first district meeting a few months later, I saw it again. I was one of two African-American managers in the entire district. Well, this “trend” continued throughout the entire time I lived in Indiana. I was the only or one of only two or three African-Americans who were in management positions. I thought maybe it was because of where I lived. I moved to Chicago thinking things would be different. They weren’t.Moving forwardI moved to Chicago to be the district visual manager for Forever 21. This was my dream job. I was bit by the visual merchandising bug mid-way through my career. I had a real talent for it and it helped me to succeed in my management career. I noticed it again. I was the only African-American district manager in the entire company at the time. I was in the third-largest city in the country, working for a company based in the second-largest city (Los Angeles), yet I was the only Black mid-manager. It blew my mind.When I was the regional visual manager for Sports Authority, I was one of two Blacks and one of three people of color in that role. The company only had one African-American district manager and one Latino district manager. By the time I became a regional manager, this experience was the norm and almost expected. I stopped being distracted by it and started to use it to my advantage. I noticed that because I was the only or one of the few African-Americans in my career path, it gave me a unique perspective on the industry that I was in. I had to overcome challenges my peers did not face, learn various communication styles, and adapt to different cultures and environments to be successful.I learned that because I was always overcoming cultural challenges and norms, I had a unique way of solving problems and creative ways to drive results. I had no choice. I had to prove everyday that I belonged there, regardless of what my resume said. Everyday was an interview and test of my authority. I saw things differently and that helped me to see solutions that did not fit the norm.It goes without saying that I worked hard. I had no choice. But this helped me develop a work ethic that helped to catapult me to the top of my profession in every position that I held. I learned I could train anyone — and I mean anyone. I could teach anyone on any level everything they need to know to be successful in their role regardless of talent or experience. Communication and training became my superpowers! Related: How Celebrating Diversity and Uniqueness Made This Makeup Bar UnforgettableNow I used all of these skills to help my clients face the many challenges and frustrations of running a retail business. I have a very unique and birds-eye view so I can see three steps ahead of their current stage. I can guide them to the next level because of my experiences. Now, there are more African-American executives and decision-makers in retail. More African-Americans are being exposed to the industry and are learning a new career avenue. With organizations like BRAG and Retail Boss, the look of the retail industry is more diverse than it has ever been. Which, to me, is a breath of fresh air.

Beware: Your Coronavirus Stimulus Check Could Be Garnished by Debt Collectors

The third round of coronavirus stimulus checks don’t have the same protection as the earlier rounds.

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March
17, 2021

3 min read

This story originally appeared on ValueWalk

The IRS has already started sending out the third stimulus checks of up to $1,400. This latest round of stimulus checks is the highest amount so far (earlier checks amounts being up to $1,200 and $600). However, the third round of coronavirus stimulus checks don’t have the same protection as the earlier rounds and could be garnished by debt collectors.The third stimulus checks were passed by Congress fairly quickly by using a special process, called budget reconciliation. Probably because of this, the coronavirus stimulus checks didn’t get full protection from all garnishment.Generally, there are three types of debt that can be paid through garnishment – unpaid IRS tax debt, child support payments and private debt. The third stimulus check gets protection from outstanding tax debt and child support, but not from private debts. A private debt includes an amount outstanding to a civil judgment, ranging from civil damages to consumer debt in default.In contrast, the second stimulus checks of $600, which went out in December, had protection from all three forms of collection. Under the CARES Act, which was passed in March last year, state and federal agencies could garnish your stimulus checks to cover past-due child support. This rule changed with the second stimulus check, and the same applied to the third stimulus checks as well.There isn’t much you can do to prevent debt collectors from garnishing your stimulus check. As per the experts, the only thing you can do is close your bank account. Doing this, however, would delay your stimulus check, as the IRS would then have to send you a paper check.Those who are expected to get paper checks and are concerned about garnishment should cash their checks at retail stores or check cashers, rather than going to their bank. Doing this, however, would mean users incur higher charges.  These charges could range from $8 at Walmart to up to $195 for a family of four at a check casher.Efforts underway to stop the garnishmentEfforts are underway to prevent debt collectors from garnishing the direct payment amount. Several banking groups have requested lawmakers to come up with legislation that would prevent private debt collectors from garnishing the check amount.“Otherwise, the families that most need this money — those struggling with debt and whose entire bank accounts may be frozen by garnishment orders — will not be able to access their funds,” the banking groups, including American Bankers Association, said in a letter to Congress.Also, Maryland Gov. Larry Hogan approved an Emergency Order that exempts the direct payment from garnishments.”All financial institutions are hereby ordered not to hold an ARPA Act Recovery Rebate of the judgment debtor under a writ of garnishment,” read the Emergency Order.

UNAM and IPN Admission: These are the dates for the admission exam to bachelor's degrees in 2021

The UNAM carried out an extension of the call to the entrance examination for bachelor’s degrees. While that of the IPN is still ongoing.

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March
17, 2021

4 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

The National Autonomous University of Mexico (UNAM) made an extension of the call to the entrance examination to bachelor’s degrees, all this “due to the prevailing conditions due to the health emergency” and to the measures imposed by the epidemiological traffic light in Mexico City. The house of studies clarified through a statement that those who are interested in pursuing a degree in the School System or in the Open University and Distance Education System can register to participate in the entrance exam to UNAM 2021. The admission period to the institution’s exam was held in January and those who could not register at that time will have the opportunity to do so. From 16 to 23:00 hours (from central Mexico) on March 16. The test will be applied “tentatively” in the period from May 8 to June 8, 2021. And within the requirements and conditions to participate are: Read and accept the terms and conditions of the call and the instructions. Not having registered in January 2021 for the exam, if you have done so, you do not need to register again. Register online by entering the official page and selecting the call that corresponds to the period from March 16 to 18. Pay the right to the selection exam in the same period mentioned. Once the registration is completed, the applicants must download, print and save the voucher issued by the site and the bank deposit slip will be available with which you can make the payment at the Santander bank. National Polytechnic Institute (IPN) The call to participate in the IPN admission exam is open from February 26 to March 26, those who are interested in competing to enter the institution must fill out a registration form on the official website of the IPN. To register, the house of studies has the following modality according to the first letter of the participant’s last name: A and B: from February 26 to March 2 C and CH: from March 3 to 5 S, E, F: March 6 and 7 G: March 8-10 H, I, J, K, L and LL: from March 11 to 13 M: from March 14 to 16 N, Ñ, O, P and Q: from March 17 to 19 R and S: from March 20 to 23 T, U, V, W, X, Y, Z: from March 24 to 26 Applicants to the schools located in Coahuila, Guanajuato, Hidalgo, Palenque, Tlaxcala and Zacatecas will have until April 16 to apply for registration. Once the registration and application are made, the website issues a receipt with the date and time to attach the requirements, including the digital photograph, current identification and proof of payment. On Friday, May 7, the institution will issue the form to enter the exam that must include, photograph, day, time, venue, building, room and bench. Likewise, the application date will be June 4, 5, and 6 for Mexico City and the Metropolitan Area and June 5 for foreign academic units.

Starbucks Stock Is Back to an All-Time High with Venti To Come

The coffee giant has positioned itself as a consumer staple that can pivot when need be.

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March
17, 2021

4 min read

This story originally appeared on MarketBeat

A 2 percent jump in Tuesday’s session had shares of coffee giant Starbucks (NASDAQ: SBUX) up to fresh all-time highs. It’s been a solid first quarter for the Seattle headquartered company and comes on the back of a stellar 2020.The stock was trading near highs right as the pandemic hit the markets around this time last year, but quickly gained a reputation on Wall Street as one that would recover quicker than most. With all of that damage undone and shares above their previous highs, it’s safe to say it was a reputation well deserved. Even with the ongoing rally, however, it looks like there’s still room ahead for Starbucks to run.Related: Washington State Recruits Starbucks to Help With Its Covid-19 Vaccine RolloutRun of upgradesBTIG upped their rating on the stock from Neutral to a Buy yesterday, and see Starbucks continuing to benefit from the ongoing economic recovery and reopening. In a note to clients, analyst Peter Saleh said “in the near-term, we expect 2QF21 EPS to top consensus expectations as the company laps the initial impact from the pandemic in China (February) and U.S. (March) and we view guidance as overly conservative. For the balance of the year, we expect same-store sales to materially accelerate due to easier comparisons, reopenings and federal stimulus. The combination of unfolding economic recovery, earnings upside, and broad geographic profile leads us to become more positive on shares and upgrade accordingly.”On top of this uber bullish sentiment, a fresh price target of $130 from Saleh suggests upside of close to 20% even from Tuesday’s closing high. The move from BTIG mirrors that of their peers in BMO Capital who also upgraded the stock late last month. They too named Starbucks as “a reopening beneficiary with meaningful potential upside to FY21/FY22 consensus”.Wells Fargo has been another sell-side voice that’s been impressed with them and recently flagged Starbucks as one of the top consumer stocks to own for 2021. In a powerful statement from the last week of February, they noted how they “had never seen consumers emerge from a recession as strong as they are right now.”On top of all this, Gordon Haskett and Cowen have also both recently highlighted Starbucks as a must-own stock for the post-COVID recovery. Analyst Jeff Farmer from the former pointed to “the company’s increasingly aggressive pursuit of competitive advantages across digital, delivery, convenience, customer loyalty and labor force stability” as factors that will set it up well for future growth. Cowen loves how digital Starbucks has become, and is backing consumer companies with a high level of digitalization to outperform the broader market in the coming months.Solid potentialAll this will be music to the bull’s ears and should tempt even the more cautious investor to consider getting involved. Shares were trading at highs before the pandemic, and look set to be trading at highs after the pandemic too. There’s a nice ring to that kind of a label and you’d be hard-pressed to find many other brick and mortar-based stores that can boast the same.Just last week, we saw both New York and New Jersey were planning to increase indoor dining restrictions to 50 percent of capacity, so there can be no doubt that the economic reopening is well and truly underway. Starbucks has positioned itself as a consumer staple that can pivot when need be and should be a good value for money to continue setting highs into the second quarter of the year.