Ok Eve. I teach making beauty products for tweens/teens so I can help. With a lip balm you want to have a mixture of different types of oils and waxes to soften the lips and help prevent the lips from drying out.
Try grabbing some vegetable/olive oil from the kitchen and put a little bit some on your lips. Your lips will feel softer. These oils are often found in lip balms and other beauty products. BUT the oil rubs off really easily. So we put in harder ingredients like waxes as well to make the balm last longer.
A great beginners recipe
You'll need to buy some new plastic containers to put your balm in. Get some small containers that you can get your finger in easily. Please don't reuse any plastic containers.
2 tablespoons of olive oil
1 tablespoon of coconut oil
1 tablespoon of beeswax
To Make:
Make sure your working area is very clean and there is no food in sight. You will be keeping your lip balm for a while and you don't want to get anything else like food in it. Please clean your hands before starting, tie your hair back and wear an apron as well as oil will stain your clothes.
Set up a bain marie. See this webpage for instructions
http://www.wikihow.com/Make-a-Double-Boiler-(Bain-Marie)
Heat your beeswax in the bain marie. When it melts add your coconut oil and olive oil. Give it a good stir.
When everything is mixed well, carefully (its hot!) pour or spoon your lip balm into your containers. Let them set over night and test. People like different hardnesses for their balm. If yours is too hard for your liking add a teaspoon more of olive oil next time. If it is too soft, add some more beeswax.
When you are happy with your recipe, you can branch out with different colours and flavours. Make sure you buy colours and flavours from cosmetic supply stores as they'll be safe to use on your mouth. Here is a list of different suppliers from around the world
http://www.venusianglow.com/2012/09/where-to-buy-ingredients-for-diy.html
BTW beeswax is very annoying to clean up. I use cloth rags to wipe my pots down before cleaning with water.