Tournament Entry Fee & Prize Money Questions

[Fishguts]

I'm trying to run a lower scaled tournament with a cash prize for top players that place and the more people that show up the more receive a cut of the pot but my question is what is a good amount for an entry fee? I have it listed at $20 and $10 would go to the pot and $10 would go to help us for the venue. I've been looking and a lot of tournaments offer a $5 entry fee. Would most players want to pay more money to receive a bigger cash prize or less money and receive a smaller cash prize?

I hope I explained everything ok

 

[PlanFive]

The higher the entry fee, the less likely the newer and less competitive players would want to pay just to scrub out in two matches. The more competitive players would rather have a higher prize pool because they could make more money off of their superior skill.

 

[Fishguts]

I understand the two games and out wouldn't be worth $20 but i should have mentioned i wanted to do pool play with a minimum of 4 games and have that go into a double elimination but that all depends on how big the player turn out is.

Thanks again for your input