If you would like to add flavor there are many essential oils such as peppermint,orange,cinnamon and so forth. You can change the recipe and use different oils such as coconut and olive or whatever you have on hand. Most of these products are available in your local supermarkets,heathfood stores,and craft stores. To color the gloss try food coloring or your favorite lipstick. Heathfood stores might sell some natural coloring.
Lip balm is very easy to make.
Hope this helps.