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You picked physical work, but how about consulting or sales?
For consulting they don't need to start a new company. If they eat part of that market it would be with their current products where someone uses AI instead of hiring a consulting company. So a similar approach to what happened with translation.

For sales I'm sorry, but I don't think sales companies exist? Sales is usually just a part of another company. Some of those employees might be made redundant as AI products complete part of their work, but that would also happen through OpenAI's or Anthropic's products.

So for both of those I don't see what kind of company they could spin off (excluding the example of a company that does AI implementations as I mentioned that one in my initial comment) that would compete with an existing company. For all of these things offering a product that allows existing companies to replace employees sounds like the more scalable, profitable and flexible strategy.