take a pot and fill the half with water and heat it up
then take another (smaller) pot and put it in the heated water (it doesn't have to be boiling water)

put in the smaller pot:
-3tbsp of sweet almond oil
-2tbsp of beeswax
then stir

it will melt fast

then add 2-3 drops of vanilla oil

at this point you can add 1tbsp of honey if you wish
or customize the lip balm by adding different essential oils

and take it off the stove and pour it into a container of your choice

let it cool on a normal room temperature..
if you put it in a freezer it tends to make some gaps..

design a label for it

and your done!