Thinking of Life Coaching as a second career

I will retire from my current job soon and I am thinking of becoming a life coach (through the LCS) as a second career. My concern is that there are already lots of life coaches around and the market is “flooded” because everywhere I look there’s a life coach or life coach training. Then I think of hundreds of sailboats in a bay heading out to ocean and I realize how vast the ocean is.
I would appreciate some guidance or thoughts on this.