To start with, I grabbed one of my Grandma Omi's cake pans that I wasn't sure what to do with. I spray painted it in Rust-oleum's Heirloom White, it took a couple of coats (and just a reminder to have PLENTY of newspaper on the garage floor so you don't end up with white spray paint on said floor:).
I had purchased 4 yards of a pink felt material that was on clearance to make the girls sleeping bags for their American Girl dolls. Since I have such wonderful math skills, I was left with 3 yards of fabric. I traced circles onto the fabric and cut them out, it only took me two hours and gave me severely cramped hands, but hey??!!
I shot a dab of hot glue in the middle of the circle, and scrunched it up to dry. While that dried, I cut a big circle out of some Valentine scrapbook paper I had on hand, and glued that to the center of the pan. I happened to have the Z already, that was spray painted black and distressed. Glued that to the center also. Then I hot glued the scrunched circles all the way around the pan and added a decorative ribbon (that I also had on hand) to the top. It hangs on my front door, and I LOVE that I think of my Grandma every time I see it!!