This isn't going to be me trying to convince you to publish with a small press or not. Rather, I want to help pass on some of what I've recently learned about small presses to help others make informed decisions!
First off, anything that isn't one of the "Big 5" is considered a smaller press, but those still come in a wide variety of sizes. If you're agented, they can help you navigate all that, but if you're not, that means you can only query presses that specifically allow unagented submissions. From what I've found this usually means very small, or brand new (or, you know, both). However, that doesn't mean they won't grow. Maybe you'll get the chance to help them build something amazing!
At the time I'm writing this, I have 2 offers from newer small presses. I'm still deciding what I want to do going forward, but I want to share some of what I've learned as I've been contemplating my decision. Going with a new press is a bit of a gamble, but as long as there are no obvious red flags, remember that they're taking a chance on you, too!
To help you make a decision about querying a small press (or accepting an offer if you already have queried them and they liked what they saw), here's some questions to consider and tips to keep in mind (in no particular order):
-If they have books available from other authors already, see if you can reach out to them and ask about their experience working with that press
-ASK QUESTIONS! Such as...
-Do they offer an advance?
-What rights will you (the author) retain? (i.e. audio, film, etc)
-What is the offered royalty rate for ebooks, paperbacks, and hardbacks?
-Is it print-on-demand or do they keep a stock?
-What is their editorial vision for your book?
-Do they offer reprints?
-How many author copies will your receive? How much will it cost to purchase more?
-Do they help with marketing?
-Do you get input on the cover?
-Where do they sell books they publish?
-Do they belong to IBPA?
Trust your gut. If you've done your research and something feels wrong, don't jump the gun (even though it's exciting!). But also don't be afraid to take a chance if it feels like a good fit.