I breed waxworms

You have to check with your local agricultural pest department to see if it's legal: waxworms are terrible beehive pests, and there may be regulations on breeding them depending in your area. Waxworms may not pupate if they are kept at too cool a temperature, or if they are not sufficiently grown to the stage where they are able to pupate. Both of these need warm temperatures and proper nutrition to be successful. Here is what I do:
Things I use:
Wheat germ, Oat bran, Bee Pollen, Bees Wax, Liquid Honey (organic), 1 gallon mason jars and lids, cheese cloth, wax paper, patience!
Substrate Food:
I use about one cup of each germ and bran, and about three tablespoons of bee pollen. Then I carefully melt a few big chunks (maybe 3 tablespoons) of beeswax in a double boiler- careful, if the heat is too high it can set on fire! Then start mixing in the honey and bees wax alternately to the dry ingredients until it makes a thick dough. It should be hard enough to knead; you don't want it too sticky, but it should hold together or else it is too dry. Line a pan with wax paper (wax side up) and pour the mixture on to it, patting it down to about a 1" layer. Let it cool and harden for an hour or so.
Setting up the Environment:
Waxmoths like it warm; it's quite cozy in beehives after all. 80°-90°F is ideal. You can do it with lower temperatures, but they will take much longer to pupate and eclose (hatch from their pupae), and it likely will not be worth the time if you don't supplement their heat.
I line the bottom and sides of the jar with wax paper to make cleaning easier later.
Break your dried substrate layer (it will still be a bit sticky) unto several pieces and put it into jar, so that the bottom is full to about 1" deep. You may have some left over; you can freeze this!
Place a few pieces of loosely crumpled wax paper balls into the jar to give the moths somewhere to lay their eggs.
I cut a double layer of cheese cloth large enough to cover the top of the mason jar- enough so that there is about 2" extra all around the lip. Then the outside ring of the mason jar lid gets screwed on. This makes a tight seal that the tiny waxworm babies can't escape- waxworm babies can climb glass- but with plenty of ventilation. Alternately, fine aluminum window screen and a sturdy rubber band works too. Put 20-25 waxworms into the jar, and close the jar. Done!
Maintenance:
I just remove dead worms as I see them, as possible. Once the moths and eclosed (hatched form pupae) and laid their eggs, I prepare a new jar and very carefully transfer the wax paper balls with eggs to the new jar. The old jar has everything else tossed out. The jar is cleaned and sanitized, ready for it's next residents. CAREFUL: these colonies STINK when you switch them over. Gross.
Feeding:
Ideally, do not feed off any of the first generation waxmoths! You need these for breeding. Once they have laid their eggs they will die. Those eggs are your next generation of breeders, and all the waxworm/moth feeders you'll ever want! Once those eggs hatch in their new jar, I wait until they are large enough to start feeding off. I carefully remove 25-30 large worms and place them in a new jar: these are my next breeders and are not fed off. Anything else remaining in the original jar is ready to be food for the herps! You can let them continue their life cycle to moth-form, or you can take them out of their food base and keep them in plain bran or wheat germ: they won't really eat it, but it will prevent them from pupating so quickly. Dropping their temperature to room temp or somewhat less will also slowly down their maturation process and let them "keep" longer, but I would not let them go less than 10F.
Anyways, this is just what I do, and it works a charm

I have about 50 jars of waxworms on rotation now.