What color are lipomas normally, and how small can they be?

Skin color. Usually lipomas are small (sub-cm) to large (several cm) rubbery benign (non-cancerous) fat tumors. They are usually located in the subcutaneous tissue and the color is not "seen". If you have a discolored mass or anything growing on your skin seeing a dermatologist is recommended. Of note some melanomas can be amelanotic (non-black).
Yellow, very small. Lipomas are small fatty tumors. They look like small yellow blobs of fat. They are located under the skin in start out very small. Over time, they slowly enlarge. They are generally harmless, but some people choose to have them removed if they become unsightly.