Ribbon - I like grosgrain, but my favorite to use for this project is twill tape.
Paint - acrylic or fabric paint, color of choice
Scrap felt - I used white, but it does not matter.
Then you start stamping your design on your twill tape. I keep the tape all together so that it is easier to store, and cut a label off as I need it.
Here are my two designs, the bottom one I fold over and use like the produce bags, the top one I use to sew more like a flat clothing label.
After I had stamped the entire roll of twill, I ironed it, but that is just because I heard one time that you are supposed to heat set acrylic paint. I do not think that is necessary if you are using fabric paint.
So there you have it. Ready to cut and use. The options are endless. Imagine with different colors and fun, fancy stamps. I told you it was easy. Now go personalize something!