Well my answer to this depends on your level of experience with synthetic organic chemisty. If you have some background in organic synth, and/or someone who can guide through the process on a step-by-step basis then you might be able to prepare your compound relatively cheaply and easily. However, if you limited synthetic ability, then you are going to be far better buying this compound. On more than one occasion I've seen biologists charge into the synthetic lab, hoping to save a few $, yet by the time they realise organic synthesis isn't as simple as A+B -> C they have spent far more time/money than they would have if they had brought the compound. This is not intended as a slight on molecular biology, but synthesis requires a particular set of skills that takes some time to acquire. I doubt I could clone a gene wihtout a similar period of trial and error.
So in your particular case, your compound is available from Aldrich at (a rather overpriced) ~US$300/g. In terms of routes that are likely to work, I would consider the following:
cycloheptanone -> heptanolactam (by the Schmidt reaction), then lactam hydrolysis by a suitable method (refluxing with acid might do it). not a route for the faint of heart, or the inexperienced - hydrogen azide (required for the first step) is toxic (about as toxic as hydrogen cyanide from memory), volatile and explosive. But if you get a chemist to help you (or do it for you) this route is the fastest I can think of right now.
alternatively hexanediol -> 1-bromohexan-6-ol (refluxing HBr) -> 1-cyanohexan-6-ol (NaCN/DMF) -> 7-bromoheptanoic acid (refluxing HBr in one-step? or Appel reaction then nitrile hydrolysis) -> 7-azidoheptanoic acid (NaN3/DMF) then reduction (Pd/C or Staudinger reduction). This approach is quite steppy, which might explain the high cost from Aldrich. I'm sure there are shorter routes I can't quite grasp right now.