Add honey, chili powder, hot sauce, crushed red pepper flakes, vinegar, and olive oil into a canning jar.
Place a pan over medium-high heat, place the jar into the center of the pot, and add a few cups of water.
When the water begins to simmer, continue heating the contents for a few minutes, do not allow the water to come to a high boil, as it will ruin the beneficial qualities of the honey.
Remove the jar from the water bath and allow it to cool; the hot honey will last six (6) months.