Start with 5-inch squares of white and colored felt. On colored felt, pencil in lines from corner to corner; connect midpoints from side to side. Mark several points at equal distances along lines with ruler.
Fold each line in turn; punch holes in folds at these points with hole punches. Keep holes 1 inch away from edges.
Iron a square of fusible webbing between white and colored felt. (Place felt with marks facedown.) Trim edges of squares with pinking shears, or trace a large tin can and cut felt into circles.