"Please accept my apologies for inviting you to my HDB flat for dinner," Mrs Htoh said. "I don't live in a condo." The bamboo poles with clothes flying in the evening breeze of this 16-storey apartment brought back happy childhood memories and childhood friendship to me some 50 years ago when I was living in Redhill.      

"Don't worry," I assured her. "I grew up in an HDB flat". HDB (Housing & Development Board) apartments house around 80-90% of the Singapore population and there seem to be a class distinction as regards residences even in a meritocracy-based Singapore. The minority live in condos and houses.

Mrs Htoh and her husband had started a magazine targeted to Myanmarese in Singapore presently. The 4th issue had been produced. As the content was in Myanmarese language, it was all Greek to me and the dinner invitation was a good time to get more knowledge about this magazine and the publishing problems in a start-up. Acquiring knowledge of another industry is good for anyone as lessons learnt are sometimes applicable to the veterinary industry.    

How successful will this magazine be? Besides good management, timeliness of publication and new relevant ideas that attract world-wide subscribers, here are what I consider factors that will make it a big success.

1. Readership and competition in Singapore. According to Mrs Htoh, there is only one competitor publishing in Singapore. I had seen this magazine and it was well laid out. The circulation is said to be 800.

I had checked out Peninsula Plaza - a place where Myanmarese people meet and do retail business - and saw one or two thick Myanmarese magazines published in Myanmar sold there. Such magazines can be sold in community centres, temples and other places where the Myanmarese congregate but I have not checked out such places. 

In other words, there is little competition for this start-up. It is extremely costly to start a magazine or any business as success is not guaranteed. Operating expenses with no profits and salaries for Mrs Htoh for at least one year of operation could be de-motivating. 

2. Advertising Revenue. As there are no subscribers for this start-up, the advertising revenue is the main source of income. That means a lot of leg work for Mrs Htoh to meet and convince advertisers to part with their money for a magazine with poor circulation and readership.  
  
3. Sales Revenue. One Myanmar consul told me that there are 100,000 Myanmarese in Singapore. If 10% buys the magazine, there is revenue from sales of 10,000 copies via retail outlets and subscribers. Marketing is the key to increased sales and Mrs Htoh has some ideas on how to do it.

4. Editorial Content. This magazine has poems, humour in cartoons and illustrations, Singapore and Myanmarese news, features, gossip page, HDB rental information page, star search for kids and interviews with famous entertainers in Myanmar. An interesting variety of content. Mr Htoh is responsible for the editorial content and direction. How interesting the contents are to the general reader is unknown presently.   

5. Marketing & Sales.  Mrs Htoh's extrovert personality and energy is well suited to getting the advertisers and distributing the magazines to retailers and anybody.  

"Have you got all the Myanmarese doctors in Singapore to advertise in your magazine?" I asked Mrs Htoh during dinner prepared by her. Mrs Htoh loved to cook and tonight's Myanmar curry with fish paste and white noodles was said to be good, according to a Myanmarese friend who was invited and gave his compliments. Apparently, her cooking was not consistently top in quality. It depended on her moods, the friend commented frankly. I was fortunate to taste her best cooking that night although I can't comment as I have no idea of what is the best in Myanmarese curry.    

"There are seven doctors. I will get all," Mrs Htoh was confident.  "You have to advertise in my magazine."

"I am not a human doctor. My patients are four-legged." I replied. I also noted that few Myanmarese people in Singapore keep dogs and cats. Sometimes, humour is important in dinner invitations. 

6. Differentiation. The editorial direction of the magazine is important to its success overseas if it can differentiate itself from the well known established magazines published in Myanmar.  Controversial political issues like the championship of human rights sell but the start up magazine will not survive to old age, in my opinion. It will be hard to be impartial. The content must be of interest to the targeted readers and politics is just one hot topic that is best avoided.  

In conclusion, a niche magazine targeted at Myanmarese migrants will make money for the founders or investors if it is well managed.  

Where it will make money is when its readership has mushroomed due to the potential of regional and subsequent world-wide sales to Myanmarese migrants who want to read more about what is happening in their beloved country and want their children to know more about their home culture. There are just not many competitors in this niche area.

If there is a way of getting independent and credible  figures of readership for advertisers, the magazine will be successful in attracting serious and big advertisers regularly. Without this figure, it is hard to convince subscribers to continue advertising in the long term.

Advertising revenue will increase greatly when this happens. The potential types of advertisers in Singapore are numerous. Not just doctors or vets, but travel agents, fashion houses, airlines, food and beverage companies, employment agencies and real estate agents and developers.        

The exit strategy for any investor would be some years later, when this magazine is acquired by a bigger company or listed on the stock market. Big dreams. But there is this possibility. The founders are not looking for investors though and they are not making money too.

As for me, I enjoyed a new type of food and learned more about the culture and hard work and hopes of the Myanmarese migrants resident in Singapore. This  magazine start-up needs a lot of work but I think that it will be a winner as there is an energetic and capable marketing person in Mrs Htoh. It was tiring and she had no income for the past 4 issues, she told me. That is what enterprises are all about. "No income for the first year or two is common. You will be lucky if you don't go bankrupt half-way," I said to her. The majority of start ups never flourish. It is just much hard work and lots of money to start up a magazine. Marketing and distribution is very important for any start up. In this case, hand sales is the best option and the heavy responsibility falls on Mrs Htoh.

It was 9.30 pm when I left to walk to the 3rd floor of the HDB multi-story car park. The HDB parking warden was checking some cars. Maybe I was just in time. Unfortunately, he had slapped a $10.00 ticket onto my car windscreen for exceeding my parking time! "The government has to make the employees to work late nights to make money in this recession too," my wife said when I expressed surprise that the warden still worked so late.