Having somebody else make it
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Contract manufacturing arrives earlier in skincare than in most crafts, because the fixed costs of doing it properly are high and a manufacturer already has them.
What a contract manufacturer is
A facility that makes to your specification, usually with its own laboratory, its own quality system, and existing relationships with testing laboratories and packaging suppliers.
Many will also develop or refine a formula, review a label and advise on regulatory position, which for a small brand can be worth more than the manufacturing itself.
When it becomes the sensible answer
When the batch size your sales require exceeds what you can cool and fill properly. When the testing burden of a growing range exceeds what you can manage. Or when the time spent making is crowding out the work that actually grows the brand.
It is also the answer when a product needs equipment you cannot justify: a high-shear homogenizer, a jacketed vessel, or an airless filling line.
What you give up
Control of detail. Mixing energy, cooling rate and addition temperatures become things you specify rather than things you do, which is exactly why they must be documented properly first. A formula that lives in your hands cannot be handed over.
Margin, in exchange for capacity. Minimums, which are usually far above a small brand's current batch. And immediacy, since a reformulation now runs on their schedule.
Choosing one
Ask about minimum run size before anything else, because it is the usual disqualifier.
Then: do they make this product type, will they work to your suppliers or insist on their own, who holds the formula, and who is responsible for testing and for regulatory compliance.
And run a trial batch, tested independently, compared against your own retained sample, before signing anything longer than that trial.