Is it better to own your custom formula? (Also how realistic is it to try at home?)
Hi! I’m an entrepreneur looking to start my own skincare line. I don’t have any connections or a lot of experience but I do think I have a great idea for a custom product into which I’m willing to invest what little money I have. I’ve called around to various labs and companies that either seem to
a) charge a larger sum of money to formulate your product and give that formula to you to manufacture with someone else, or
b) charge a less large amount to formulate and manufacture your product, but the company would own the formula and require you to purchase it for $$$$ if you want it, if they offer that option at all
Is it better that I find separate companies to formulate and manufacture my product so that I own the formula (in which case I would have to give the formula to the manufacturer anyway?), or that I get someone to both formulate and manufacture it, but without owning the actual formula? What are the advantages and disadvantages of owning/not owning the formula?
I’m also feeling ambitious and interested in creating the formulation at home by myself, armed with a list of my competitor’s ingredients and some basic idea of what each one does. This would help save a lot of money on creating a formulation with someone else but I do still think to get certified and manufacture I would have to hire some third party for testing and such. I am pretty confident I can do it, but as a third party how realistic do you think this plan is?
Any input is greatly appreciated, thanks!