Now, what about the smaller contests? I'm talking about the ones sponsored by Glimmer Train or the Black Warrior Review (whose contest deadline has been extended to Oct. 5th) and similar entities. For contests of this size, the prize averages out to be $1000 and publication. The prestige can also help get your work noticed. While I was on the staff at The Cincinnati Review, we were told to pull out any submissions with prestigious awards listed to be read by the managing editor.

Here's something to remember when you're deciding to submit to a contest: always look at the terms. Know what the contest can do with your work, and for how long. If the terms are something you can't live with, don't submit. If the prize is publication your book, have a lawyer look over the contract before you sign. Don't let your excitement over winning cloud your good sense. This is especially true for writers of comics and graphic novels.

Another thing to consider when choosing contests to enter is the entry fee. My general rule is the fee should be 10-15% of the prize money or less. There's some flexibility there to allow for non-monetary compensation. Other things to consider are whether the prize includes publication of the winning (or a few top) stories, where/by who they are published, if subsciption to the magazine is included in the fee or if comments/critiques are given. The more of these other factors there are, the less strict I am with my money rule.

Lastly, to get the most out of your time and money, do your research before you submit. Find the contests (or magazines or publishers) that match your manuscript. Do more than the generic "It's a romance so I'm sending it to Harlequin" matching; find a good fit in tone, style, content and theme. Doing so will give you a higher chance of getting your work out there, and actually getting paid for it.