I found this recipe over at The Seasoned Mom. It seems fairly simple, especially if you already have these three ingredients.
If you don't already have the ingredients it could be a bit costly, initially, to make this as a gift.
I usually get my organic coconut oil from Costco (where they sell an 84 oz jar for about $19), otherwise you're looking at about $9 for a 14 oz. jar. The beeswax can be found online or at craft stores that offer candy-making supplies. Essential oil can be found in most health-food stores or online. I don't advocate any particular brand.
You don't need that much of any of the ingredients, so buying smaller amounts (especially if you don't usually have these ingredients in your pantry) might be a better option.
In addition to the coconut oil, beeswax, and essential oil, you'll need a container of some sort to put the lip balm in. You can buy empty tins or glass jars as well as chapstick tubes from a number of online resources. You can also clean out and reuse small tins (like the ones Altoids come in).
