108: Building a Logistics Company from the Ground Up… Tyler Walton of 5 Logistics

Background on Tyler Walton of 5 Logistics:

Tyler Walton is the President of 5 Logistics, which provides services for B2B fulfillment, B2C E-commerce fulfillment, packaging, assembly, cross-dock, container services, local trucking, and managed transportation. The companies fulfillment specialties include low-cost/no-cost shopping cart and system integrations, packaging procurement, discounted small-parcel rates and high-volume assembly & packaging warehouse machinery. As a premium domestic freight forwarder, 5 Logistics goes above and beyond to ensure that your freight is handled with care and accuracy at every touch.

Tyler describes himself as a consummate “hunter” in sales. As a director level salesman with over 17 years in B2B acquisition and business development, he lives to close business and does it very well. Tyler also brings an exceptional track record with cold calling, building pipeline, territory management, sales cycle and sales training.

Time-Stamped Show Notes:

[1:52] 5 Logistics provides services for inventory management and order fulfillment, storing customer inventory, deliveries, and logistics.
[4:38] Tyler explains the process of their logistics service in a more detailed manner.
[8:03] According to Tyler, there has been a huge rise in the transportation and delivery of ecommerce products in the past ten years.
[10:48] Reach thousands of entrepreneurs and grow your business by partnering with our podcast – Millionaire Interviews. If you’re interested, you can send us an email at [email protected]
[12:43] 5 Logistics has been in operation for 6 years and their total revenue ranges from 2.5 million to 3.5 million. They handle about 25 to 30 companies and employ up to 20 employees.
[13:29] Tyler points out how they came up with the name 5 Logistics.
[14:41] The idea of starting a logistics company came up when Tyler went out biking with a friend. His friend gave him the push to actually launch his business.
[16:54] Tyler started his logistics company with $25,000. Within the first year, they had $700,000 to $800,000 in revenue.
[22:15] During the early years of the company, Tyler was faced with a challenge of shifting the main focus of the company towards a more fulfillment service.
[27:34] Tyler considers 5 Logistics as a significant part of their client’s business operation.
[31:02] During the major shift in their business, Tyler looked for strategic ways to shoulder their growing expenses. He didn’t have enough budget to make this big change in the company but he pulled it off.
[33:23] Get access to high quality real estate projects with FundRise. Give the future of real estate investing a try today, go to millionaire-interviews.com/fundrise.
[36:27] Tyler speaks about having this solid mindset that can help entrepreneurs last longer than others.
[37:28] According to Tyler, working hard on the earlier stages of your business and making smart decisions are the key factors for moving the company forward.
[41:18] Currently, Tyler gets most of his customers from referrals or from people who need their business. These customers also find him online.
[42:46] In the early days of his business, he looked for his potential customers by knocking on doors and talking to different people.
[43:59] When trying to find customers and new clients, Tyler advises that entrepreneurs should learn to deal with the rejections and the NO’s before they get to the YES’s.
[46:41] Tyler says that he got a lot more positives in starting his own business, which far outweighs all the challenges he faces.

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Short stories from Chicken Soup for the Soul
🙌😎 Favorite Amazon.com purchase? When we started buying Christmas online and was able to avoid the malls and stores that time of the year!
🌱💸 Favorite Tool that's GROWN your Business? RF scanning for order fulfillment.
💭💡 BIGGEST Challenge keeping your Business from GROWING? Labor and making sure we work with the right customers.

Key Point from the Interview:

“You can work at a 40 hour a week, you can sleep 8 hours a day, you can have 30 plus hours of personal time, and you still will have 40 hours a week to focus on starting your business.”

Resources Mentioned:

SUBSCRIBE TO THE PODCAST

Want More? Join Our Membership on Patreon!