Ian Drake reckons the island is a great place for budding entrepreneurs to start their own business.

Mr Drake, 31, was formerly the sales manager with a local bank but decided to follow his dream of running his own business.

He is now the managing director of Rex Leasing, specialising in vehicle leasing aimed at island residents and businesses.

He firmly believes that people should not be afraid of taking risks if they have a business idea they want to pursue.

Speaking from his office at Consort House, Victoria Street, Douglas, Mr Drake claimed that in the UK leasing was the most popular way to acquire a new car.

He said: ’Sometimes it can take a little time for trends in the UK to come over to the island.

’So I thought it’s got to happen here in the island at some point, if there is such a demand in the UK.’

He believes fixed cost motoring is something that will appeal to island motorists.

’They are all new cars and arrive with only the delivery mileage on the clock.

’We offer fixed cost motoring deals ranging from about £200 a month to top of the range vehicles at £2,000 a month.

’And we have already received a lot of inquiries from businesses and local people.’

Mr Drake believes leasing is a great option.

He said: ’There is no worry about depreciation in the cost of the vehicle because you never own it.

’You don’t have to worry about selling it, you take it off me for a couple of years, you drive it over an agreed term and then give it back to me.

’It’s effectively like a long term rental, such as when people for example take a rental on an iPhone.’

Mr Drake agrees the hardest part of the job was the pressure he put himself under to leave a well paid job with a bank to launch his own business.

He said: ’That was somewhat a risky move, but I am confident it will pay off over the coming years.’

He said his business gives people an opportunity to drive a car or a van that they would not ordinarily have been able to afford.

Mr Drake explained it was after the unexpected death of his retired father Gordon Drake, 63, on Tynwald Day this year that he finally decided to follow his dream of going it alone in business.

Mr Drake had been responsible for starting a branch of the Anglo-Irish Bank in Jubilee Buildings, Victoria Street, Douglas, when Ian was only a toddler.

’When he first came here they operated from a very small office, no bigger really than the office I am in now.’

Ian admitted: ’I had always been a play it safe sort of guy.

’And in the lead up to dad passing away it was playing on my mind more and more.

’We had a family holiday booked at the end of July and we still went on it even though without dad.

’On the holiday I spent a lot of time talking with my mother, brother, sister and my partner Katie.

’By the time we came home from that holiday I just thought that I needed to do this, I need to give this a go.’

Ian had his mum Margaret’s firm backing and she is now a co-director, along with him, of Rex Leasing.

He said he also had the support of partner Katie and the rest of the family ’and that was all I needed really.’

’From there I handed my notice in in August and then I opened the door to the new office at the end of September.

’There has been no looking back really. The main website has only just gone live so up to that point we were more or less just using social media - yet already we have sent out over 200 quotes in a month which is phenomenal really.

’This proves there is a definitely an interest there.’

Ian reiterated his view that going into business on his own ’was a risk worth taking.’

He added: ’I just figured that of I did not do it I would regret it.’

Ian said the island is an ideal place for budding entrepreneurs to pursue their dream.

He said he had impressed by just how much help and support that had come his way.

’The Isle of Man is a greatplace to do business,’ he said.

He explained that the ’brand’ face of the company is a seal called Rex and he explained how he came up with it.

’I wanted the name to be short, sharp and memorable.

’I wanted people to know this was a local business with local directors and run by local people and that’s when I started to think what local animal could best symbolise that.

’I have happy memories of going with the family to Peel and Port Erin and trying to find the seals. Locally a lot of people will understand that, and I don’t think any local resident has a bad word to say about a seal.’

Ian Drake embarks on his own business called Rex Leasing. The ’face’ of his company is a seal, hence the toy seal on his desk