Well, if you want to go the easy, not making it from scratch route, you can buy cosmetic glitter and unscented natural lotions and some fragrance oils or essential oils and mix them yourself. There are sites like soapmaking sites where you can find the glitter, natural colorants, etc. You can get unscented natural lotions at your local natural foods store.
Lip balms are pretty easy, you just want to decide on the type of wax to use. If you want flavoring, I'd suggest flavor oils (also from soapmaking sites) and colorant is just a hassle with lip balms and if they don't care, I would skip it.
This is a fun site and they have cool products, but they really have a nice database of "recipes"
http://www.soapdelicatessen.com/soapmaking/toiletries/