I have written a fantasy adventure story (that does not have elves, dragons or vampires). The story is complete at 11 500 words. I am now considering if the story would be better served / more likely to be published by sending it to a publisher that could treat it as a manuscript for a graphic novel or just try to get it published as a short story / fantasy piece. If I can get it published as a short fantasy piece will it support or limit my options to later sell / adapt the story for a graphical format?
Graphic novels, while increasing in popularity, are not handled by Australian trade publishers in any real, meaty way (I'm presuming you're in Australia - if you're not, I can't really help you). That's because the market here is still small. The French and the Japanese are mad for a graphic novel but they've not (yet) formed a significant part of the Australian national culture and thus they don't seem like a winning business proposition. So the main thing I have to say to you is: go yonder. Submit overseas first. Whether you're submitting this for a graphic novel or as a short fantasy story, it's probably better to go overseas as that's where most of the activity is. Of course, there is a robust fantasy community in Australia and you should immerse yourself in that (if you haven't already), and that may lead you to explore some avenues here, but we're still small potatoes, really, when it comes to fantasy or graphic novel publishing. One only has to go to Galaxy bookshop in Sydney to see where all the books are coming from (clue: not the southern hemisphere).
However, I freely admit that I am not an expert on graphic novels or fantasy, for that matter, so if any readers have anything to contribute here, please do so!