Williams, a self-confessed "passionate" retailer of travel, decided to retire exactly a year ago before going on several overseas trips around the world.
However, he quickly discovered that a life away from travel wasn't the right fit and launched Go Explore Travel in Halesworth just before Christmas.
Williams said: "I've always been passionate about retail travel. It's exciting to see that, at a time when the high street is facing challenging times, travel agencies are returning as travellers look for the expertise that they provide on a face-to-face basis."
Williams has reunited with his former colleague Stacey Hammond, who joins him as manager.
The pair said they are "focused on delivering excellent customer service, tailored travel arrangements and becoming a vibrant addition to the local community through client events and presentations".
The move to independent agency ownership represents a significant shift for Williams, who has partnered with Advantage Managed Services (AMS) – part of Advantage Travel Partnership – to support the venture.
"Having worked with Advantage throughout my time at Fred Olsen Travel, it was a natural choice," he added.
David Moon, head of business development, Advantage Travel Partnership, said: "We've always enjoyed a great relationship with Steve and in his new capacity as a travel business owner, we couldn't be more excited to help support his growth."
Explaining his decision to open in Halesworth, Williams said: "It's not easy to get established. You need to choose the location carefully and more importantly get the right people within your business.
"With Stacey working with me I feel confident that Go Explore Travel is perfectly positioned to serve Halesworth's expanding community with the professional touch that only experienced travel specialists can provide."
