Place the coconut oil, shea butter, and beeswax in a heat-proof glass jar. Fill a saucepan with a few inches of water and bring to a gentle simmer. Place the glass jar in the water and wait until the ingredients have melted completely.
Remove the jar from the water and set aside for 5 minutes to cool slightly (this helps preserve the active compounds in the honey and essential oils).
Add the honey and essential oils and stir to combine.
Transfer the balm to a small tin or lidded glass jar and let it cool completely. Mark the date on the jar and use within a year.