Here's what you need to get started...
-less than a yard of satin fabric (the cheap synthetic kind found at Hobby Lobby or Joann's)
-needle and thread
-candle (tea lights work best)
-low heat glue gun (NEEDS to be low heat, the high heat will burn and warp the satin)
First off you will need to cut the satin (you can definitely add more/less circles depending on how full you would like your flower). This is what I used...
-3 large circles (about 3" diameter)
-3 medium circles (about 2" diameter)
-3 small circles (about 1 1/2" diameter)
You do not have to cut out perfectly symmetrical circles, as you can see from my picture. Then, cut five or six 1/2"-3/4" inch notches all around the circles, like so...
Then with the lit candle, singe the ends of the circle and the notches carefully with the flame of the candle. You do this by lightly sweeping the satin circle over the candle flame. Do not stay over one part of the satin for a long period of time, because this fabric burns easily.
You eventually end up with this, and it only takes about a minute per satin circle...
Then, stack the satin circles starting from the largest at the bottom to the smallest at the top. Use a dollop of glue from the glue gun to keep each satin circle together. Make sure you alter the positions of the circles, so that the petals are not all lined up. This gives it a more natural look. See below pic.
Now the last step is to sew on the decorative button, and there you have it...
You can also leave the circles round without the notches and you end up with this...
Photo courtesy of http://www.makeit-loveit.com/
Breakdown of Price:
-Yard of Fabric: $2.99, but you only used a 1/6 of a yard or so -- $0.50
-Decorative Button: $1.00
-Needle, thread, candle, and glue gun--already had--$0
TOTAL COST OF PROJECT: $1.50