The fragile runway.

Three risks:

• Algorithm risk. Google updates can wipe a query overnight.
• Auction risk. A well-funded competitor enters and bids you out of paid traffic.
• Disintermediation risk. Your provider learns to take the lead direct; you stop being needed.

Lead gen alone is renting attention from Google and renting supply from the providers. Renting is not a moat.

It generates the cash that funds the move to stage two. It teaches which verticals work without a major capital outlay. It builds the provider relationships that become acquisition targets in stage three. It is the right starting move. It is just not the ending move.