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Before I converted to using Formula P3, I used basic artist acrylics you can get in a set at WalMart even. Then I used a thinner for these paints called "gunk" that involves a mixture of 5 parts water, 4 parts flow improver ( I use Liquitex ) and 1 part drying retardant ( again Liquitex ). Using gunk to thin my acrylics to a workable milk-like texture, they worked wonders, and even won me a painting contest on a miniature website for their "natural" tones. With acrylics and a good color wheel you can mix just about any color you want. The drawback to this, while way cheaper than mini paints, is the time it takes to mix, thin, and if you run out, mix again to match your paints. I would take me a week to pain a mini that takes me a couple days now. But if budget is your chief concern and not throughput, then this is a good way to go

Bwang |

I used simple market acrylics for years, particularly on my Blood Bowl Figs. Cheap and easily replaceable...and re-matchable. Units are a good place to start with mass production, BB teams are also good. Keldan Marr's advice is great, but you do need to keep records of each bottle you mix so you can replicate.
Check and see if there is a local 'painting club' or what not. I have to admit that my lazy butt gets more finished when I have company...and pizza!