I purchased the canvases at Hobby Lobby. They were really inexpensive at two for $5.99. The only other materials needed are paint, foam brushes, and vinyl letters.
First, make a sketch to decide colors:
Next, paint the base color and edges. Painting the bottom color can be skipped if you want your letters to be white. Also, I painted the entire canvas because I wanted the top color to cover evenly. I didn't know if it would show if I just painted in the center of the canvas. It didn't take too much longer just to paint the whole thing.
I used my Silhouette I got for Christmas to cut out the vinyl letters. You could also use a Cricut or purchase individual vinyl letters.
Then paint over the entire top covering it completely. This is the step I had the boys help do.
You've got to hold your tongue just right...
Once these are all painted, let them dry completely.
The last step is to remove the vinyl letters and you're finished!