Risk: High

Starting an AI-powered virtual event planning side hustle from scratch can be risky, especially for those unable to afford losses. Potential losses include money invested in technology, time spent learning and setting up the business, energy dedicated to marketing efforts, and confidence if results don't meet expectations. Beginners might spend money on software and tools without generating income initially. Startup costs for technology and marketing may not pay off immediately or at all, depending on market demand and competition. Online discussions mention instances of failing to recoup investments or losing money due to lack of clients or profitability. I'd rate the risk a 1 out of 3 because there is a high chance of losing money and time if proper research, planning, and market analysis are not conducted.