Combine the olive and coconut oils in a heat-proof glass dish or wax pitcher.
Place the pitcher inside a slightly larger saucepan, and fill the saucepan with 1–2 inches of water. Heat over low heat until the oils have melted, stirring constantly.
Add in the dried lavender and calendula. Simmer on low for at least 30 minutes.
After simmering for 30 minutes, strain out the herbs.
With the oils once again over the double boiler, add in the beeswax and honey. Stir until melted. Turn off the heat and add your essential oils.
Pour the contents into a jar with a lid and allow to set.
The contents should be solid within 15–20 minutes, depending on the depth of the jar you choose.