I went to Lowes and got 1 board ($6). I also bought spray adhesive ($3), and then I used fabric from my stash ($0). I thought about doing one big board, or doing a 9 by 9 of squares, and came up with this plan instead. I still get the variation of fabrics, without all the cutting and work of smaller squares.
You can cut the board at Lowes, or you can cut it yourself. I didn't know the dimensions I wanted until later, so we had to cut it ourselves, and to be honest, it was a little less straight than the Lowes cuts (sorry hubby). I cut 12" sections, so they ended up being 12 x 32 (ish). For the fabric, I cut them 15" and ironed them so they looked nice and crisp.
Next, spray the adhesive on the board and smooth it out. This part is pretty easy and fun, but it is STICKY! Make sure you don't overspray. Also, you may want to wear gloves (I failed to do this, and then had to wear gloves to finish making my bread because I didn't want glue bits in my dough).
Glue and wrap the edges. Just do this like you would gift wrapping. Pretty easy.
Then you are done. For all these boards, from start to finish it probably took 1 1/2 hours. For just the glueing it took me about 45 minutes. Fast work, and I think the girls will love them. Great fabric brightens any room, and when it is actually useful, it is even better!
We are planning on using Command strips to adhere them to the wall. But, you could staple a ribbon on the back to hang it from, or use any other form of picture hangers.