Place coconut oil, shea butter, and bees wax in a glass dish or mason jar. Melt in the microwave or a double boiler (or you can set a mason jar in a sauce pan filled with a few inches of water). Once the mixture is melted allow to cool completely. Mix in vitamin e oil and essential oil of your choice, and place in a container.
For tinted lip balm add a few drops of natural food coloring.