One barrier that we ran into is that this product may not be in high demand for some guitarists. We only have one competitor, "Pik Stik", but they are not a well known company and they are of low concern because our product is completely unique compared to theirs.
Our target audience is basically anyone who plays guitar. Our mission statement is to become a successful company and give guitar players some convenience with keeping picks and having extra strings on hand and ready to go.
The legal structure of our company will be run by a dual partnership. We are in the development stage of the product life cycle. This is because our product isn't out in the market yet, it is only in the process of getting ready for the market. We will sell the "Pic Buddy" at music stores, or anywhere that sells guitars and guitar supplies. Our plan for marketing is to start out slow and only advertise by word of mouth. We will gradually get bigger as time goes on.