Combine everything except for the raw honey, Leucidal Liquid SF (if using), and essential oils in a microwave safe bowl.
Microwave in 30-second increments for 1-2 minutes, until the oils and beeswax have completely melted. Alternatively, you can use a double boiler to melt your oils.
Place the bowl of melted oils in the freezer for about 2 minutes. When you take it out the mixture should be solid around the edges but still liquid in the middle.
Stir for about 15 seconds until the mixture comes together almost like a thick batter.
Add the honey, Leucidal Liquid SF (if using), and essential oils. Stir again. While the Leucidal SF says to let the mixture cool overnight before adding, I've found that the balm is much too solid at that point to mix well. I prefer to add it when the balm is barely room temperature and still mixable.
Spoon the balm into a lidded glass container and pop into the refrigerator for 15 minutes to cool completely.
Let the balm solidify before using.