First, determine what you want from a contest which may include:
Winning (naturally!) to use as credentials
Ego gratification
Increase self-confidence
Self-improvement
Feedback/critique/different perspective
Reading by a published author/agent/editor
Hope you'll be discovered
Opportunity to sell your book
Satisfaction of having met a deadline
Networking
Motivation
Prove to the IRS you're a serious writer
Use the lousy scores to gloat over later when you sell
Next, look at what the contest has to offer:
Who are the judges?
What is the prize for winning?
Reading by editor/agent
Money
Reimbursement of conference fee
Publication
Certificate/plaque/jewelry
Recognition at banquet
How well known is the contest?
What is its reputation?
What is its track record for publication of winners?
How many entrants are in the contest?
Large number of competitors = more prestige if you win
Small number of competitors = better chance of winning
What kind of feedback do you get (score sheet, written critique, comments
on the ms.)?
How much does it cost?
Can you afford to attend the awards banquet?
How many pages does it require you to submit?
Is there a clear cut category that fits your entry?
Do they let you know where you ranked?
Finally, ask yourself this: Is the potential payback worth the time,
money, and energy you're putting into it?
CONTEST SUBMISSION ADVICE:
Manuscript/Synopsis Submission
Ensure you enter the appropriate category
Send chapter one (including the prologue if there is one), not chapter
five
Ensure the synopsis covers the entire story, hitting only the high points
(characters' goals, motivation, conflict, and resolution)
Write the synopsis in third person, present tense and don't include
dialogue
Make your beginning a grabber
Try to end the manuscript text at a natural stopping point
Leave the judge wanting to read more of your story--"A novel is a
story about a likeable or interesting character who overcomes seemingly insurmountable
obstacles in search of a worthwhile goal."