I toyed around with this for a while trying to decide the best way to make one, and I'm pretty pleased with the end result. For the most part these are pretty easy to make.
1" wood beads
You will also want to find a way of propping up these beads so you can paint them. I was ever so elegant in mine.
Yes, I used a paint brush. But I also was able to place some on dowel rods and then stood them up in a block of foam to paint.
For mine, I painted them red and added a hand painted bulldog paw for my daughter's school mascot. You could hand paint anything you like or use stickers. I finish them up with by covering them thoroughly with a gloss sealer spray (pictured above).
Next, take your choice of ribbon (mine is 3/8" black grosgrain) and fold in half, then push through one end of the hole in the wood bead. Just use your dowel rod or paint brush to push it through.
Then I make a knot in the looped end, and put my keyring in place.