I mostly followed this recipe for a Burt's Bees Style lip balm. Great pictures there too.
I only had 1.2 oz of beeswax, so I cut the recipe in half.
1 oz beeswax (bought a while back at the honey booth of a farmer's market)
1.5 oz coconut oil (from Superstore)
3/8 oz sweet almond oil (from Superstore)
1/8 oz lanolin (leftover Lansinoh cream from when kids were babies)
1 drop clove essential oil
4 drops vanilla essential oil
Carefully melt everything except the essential oils in a small pot. Remove from heat, add essential oil, mix well and pour into pots or lip balm tubes. So easy!
I'd use double the essential oil next time since I can barely tell it's there. The balm has a slight lanolin smell, but I mostly smell the wonderful beeswax smell!