Try this recipe, it works for me.
Recipe number one :
1,200 gm Gerber's high protein baby cereal (one box multi grain)
100 ml honey
100 ml glycerin u.s.p. (avoid the wood rose type, its poisonous)
100 ml boiling water (or filtered water)
5 ml liquid vitamin supplement (optional)
1.5 gm calcium propionate (optional)
3-4 tablespoons of bee pollen (optional)
1 table spoon of brewers yeast (optional)
Use a food processor or blender to mix the above ingredients.
(Actually, I don't usually bother with measurements, I just throw into the
blender what I need to get the consistency I want, it's a crumbly, chunky
powder that sticks together when pinched.  You might want to use measurements
to get a feel for consistency.  Extra mixture can be stored in jars in the
refrigerator.)

Recipe number 2 you can use this one after you master the art of raising wax worms using the above recipe  Bran form a feed store
Honey
Glycerin
Bee pollen
Liquid vitamins

The container you use is every bit as important as the ingredients in the recipe. As is the temperature you keep the completed colony at ...85 degrees. The glycerin helps to keep the mixture moist and the Gerber mixed grains cereal has just enough preservative in it to keep the mold in check . And the worms will be huge using the baby cereal.
 I like to use 3 gallon jugs from Wal-Mart if no 3 gallons are available use a 1 gallon jug  .  I cut the lid and apply screen to the lid to allow air exchange . Make sure the lid and holes are tight . Wax worm babies are tiny and love to travel . Actually I have been using a cloth inside of the lid as well as the screen ..
  Wax paper crumbled into loose balls leaving enough room for the moths to fly inside of the container . The moths will lay the eggs in the wax paper . You can leave them in the original container or take the wax paper out and start a truly new colony  after you have seen the moths flying inside the container .
 One recipe is just enough to set up two one gallon containers . 5 weeks is about the amount of time you will be waiting for things to get under way . Not every colony survives at first . Don't be discouraged by some bugs dyeing keep trying . Once you see the life cycle you will be making so many wax worms you will wondering why anyone buys them .
 One more thing .. Honey is the main thing ! Wax worms eat honey in the wild . (I keep bees also ) So once you are efficient at raising these insects try dog food as the grain (Old Roy brand  Wall-Mart ) it will work . The amount of production  of worms is related to temperature and moisture  . But the first recipe is the one everyone learns from it is the one with the largest possibility of success . “Our training wheels”