This is my uber-cheap-can't afford-ASCP-so-I-make-my own-recipe. It is a combination of several recipes I have found in blogland, incorporating little tips and tricks from each, by no means is this the PERFECT way to do it.
Here is how I make my own chalk paint:
-1 tablespoon Unsanded/Non-sanded Grout
-1 Cup Latex paint (flat is preferred , but any* works) My favorite thing to do is pick up "oops" samples for 50 cents at Home Depot because they are the perfect size for painting projects.
*The ONLY paint I have found that DOES NOT WORK, is the cheap latex paint from Walmart, it just doesn't ever seem to incorporate! Weird.
-Clear/Dark Wax or spray polyurethane or paint in a Satin- Gloss Finish
Mix the non-sanded grout with equal parts water so it dissolves. I mix mine in mini paint cans so it is easy to store if I don't use it all at once.
You then add your paint. Mix well and add enough water to make the mixture thin like pancake batter. It will thicken the longer it sits. If you let it sit too long you can thin it out with water/paint to achieve desired thickness. I then do multiple coats. I find the first usually looks terrible and then the second looks way better. I do 3 if I want to have total coverage.
Next sand enough to get a soft finish, more if you wan to distress it. If you get gritty, bumpy spots they sand out very easily. Here is a great tutorial if you want to achieve a layered distressed finish- Wax Resist Tutorial
A Coat of Paint - in any finish of your choice (other than flat).
I used Eggshell paint on my kitchen island after two coats of chalk paint. It came out almost like factory finish and dried very hard. I don't have great pictures of this since I finished as we were moving ( SAD DAY!) Let dry for a couple days if you choose this option so the paint can cure.
My chalk paint is not exact science, but when I can mix up batch after batch for just a couple dollars at a time it is worth it to me , imperfections and all. I tend to distress my projects, so perfection is not what I am going for. I do not sand before painting unless I am trying to even out a finish. I find my mix sticks to just about anything.
I hope I have explained this well enough that you can recreate it at home! I would love to hear from you if you use my recipe and I would love to see your projects!