Maybe after decades in the business world you have decided it's time to retire. But then again, you feel you'll go crazy just playing golf or going fishing, and still want to keep a hand in the professional arena. And, at the same time, you would like to "give back" something to others beginning their career journey.

That's why many older workers consider becoming an executive coach. Not only does it give someone a chance to pass on skills and experience, it also can ease the transition into full-time retirement.

Still, there's much more to becoming an executive coach than simply the desire.

Alan Downs, who is an executive coach and trains others who are interested in the field, says the first thing that must be understood is that executive coaching isn't for those looking "to get rich."

"It's for those who love the work. You do it for the joy of mentoring of others because it's a very hard business to build. But, if you can make a go of it, then you get a truckload of fulfillment," he says.

Downs says those who make the best executive coaches "have great experience and a good education."

"You really have to have functioned at that level," he says. "That's because you must understand the pressures executives face."

Coaching tips

In his book Secrets of an Executive Coach, Downs offers these insights for those wanting to start an executive coaching business: