I did this for under $20. Skylar has an enormous amount of bows so this really helps keep them accessible.
What you need:
18 feet of ribbon $6
Little white hooks $2
Hanging plank at walmart $9.88
A hot glue gun
Paint if you want to write something on the wood.
Cut the ribbon to 4 1/5 feet strips.
Cut 5″ pieces of jute.
Glue the jute to the ribbon to make a loop and fold the ribbon over.
I glued and folded the bottom to prevent the ribbon from raveling.
Screw the hooks into the bottom of the hanging plank.
Paint the planks however you’d like, hang the ribbons, add bows and Enjoy!