I looked at a lot of various recipes and what I learned is that most lip balms are comprised of 2 ingredients: beeswax to harden the balm and a carrier oil to moisturize your lips. Here's how my first batch of lip balm turned out.
Peppermint Vanilla Lip Balm
`1 Tbsp beeswax (pellets or grated)
3 Tbsp almond oil
2-3 drops of peppermint essential oil
Small pinch of vanilla bean powder (approx. 1/16 tsp)
2 altoid mini tins
Place the beeswax and almond oil in a microwave safe measuring cup (this will aid in pouring balm into the altoid tins). Microwave on high 1 minute. If the beeswax is not completely melted, place back in the microwave and heat in 10 second intervals until the beeswax is melted)
Once your oil/beeswax mixture is melted, add the vanilla powder and peppermint essential oil (too much peppermint oil will burn your lips so just add 2-3 drops.)
Pour your liquid balm into the altoid tins being careful not to overfill. The "hinge" has holes on the tin which will result in your balm leaking all over the place if your overfill.
It's a nice hard balm that would work very well in a lip balm tube. However, I didn't want to invest in tubes until I tried a batch to see how it worked out. I think "lip balm tubes" are going to be my next crafting investment.
Make a batch for yourself...you'll have soft lips in time for Valentine's Day!
Update 2/1/2013 People have asked where they can find the ingredients for making this lip balm. Many helath food store carry these ingredients or if you'd like to purchase them online, check out these links to amazon. (I included 3 choices for beeswax...they are all cosmetic grade and would work in with this project).