Starting a brokerage with limited experience

[Matt S.]

I'm exploring the idea of starting a small brokerage, and would appreciate input from the community. I don't work full time in real estate, but hold a full broker's license. I'm an attorney and have historically used my license to negotiate better sales prices on properties for my investments and for friends/family as needed.

Has anyone on BP opened a small brokerage as a side business? Is that even realistic? I'm comfortable with running a company and also partnering with an agent who doesn't have their broker's license or another broker, but can see the business as something that's going to require a large percentage of my time. At the same time, I hate the fact that I'm not fully utilizing my broker's license- especially when they can be difficult/time consuming to get for most. I was fortunate (perhaps unfairly) to receive my broker's license by virtue of being licensed to practice law. Although I invest in real estate on my own, I'm not a RE professional. Are the MLS fees and the cost of developing a website worthwhile in the beginning?

What's your experience been like? I'd appreciate any/all feedback. You won't hurt my feelings... Thanks!