Unless you need the beeswax for other projects, save your money.

Get a piece of crocus cloth, or burlap, thoroughly wet the leather and rub it vigorously with the crocus cloth.

For a more professional look, you can spend about $2.49, plus s & H, and buy a Circle Edge Slicker #812200 from Tandy Leather. Or you can spend $3.49 plus shipping for a Plastic Bone Folder #811600, I like the bone folder better than the circle slicker for small projects.