Risk: Moderate

Starting a white-labeled marketing agency from scratch can be quite risky for someone who can't afford to lose money. There is a high potential to lose money, time, energy, and confidence in this venture. Beginners often spend money on setting up the agency, such as website development, branding, and marketing tools, without seeing any returns. Startup costs can be significant and may not pay off if clients are hard to acquire or retain. Online discussions often mention failures and financial losses experienced by those who have ventured into this business without a solid plan or client base. I'd rate the risk a 2 out of 5 because there is a high chance of losing money and time, especially for beginners.