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Speaking for myself (a not very good Gothic Chess Player), I would not pay a fee to enter the tournament (Basicly because I stick at the game, and have no way of winning anything). But if it was with no entrance fee, I would probable join just for the very slim chance I might actually make some good moves. (And I believe many others feel the same way I do)
So the question would be if you would want a lot of players in your tournament (no entrance fee), or less players in your tournamanet (with entrance fee)
Or as mentioned once before, maybe the player will need to be a paying member of BrainKing to play in the tournament (which will get a few more players in your tournament, plus help out BrainKing)
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Prizes - If there were more prizes, that might also get more people to join. Lets say the entrance fee is $50, maybe some of the "lower" prizes could be cheaper "Gothic Chess" shirts, coffee mugs, etc... Even if a player can win something, it's a good thing (even if it is not worth the same as the cost to enter the tournament).
As you most players here are thinking BBW,the most players here are funplayers and not profiplayers,who want earn money with their games.If you want to see a professional site -with professional players too- look at www.playchess.com (client available),where sometimes 2000 players are online ( 100000 registered users- only chess) and Kramnik ,Judith Polgar and others are live playing.
Once again:For a big event you need famous names from the chessworld, and these players play for free and than many standard players are signing in (with fee) because they want play against the masters.