I'm coming clean: This is not an original idea. I found it here first. It was quite simple and I really like how it turned out.
You will need: empty formula container, 1 or 2 sheets of scrapbook paper, paint, ruler, scissors, glue, and sealant.
1) Wash and dry the formula container.
2) Measure the container. Cut the scrapbook paper to size and glue.
3) Paint the lid. This took the longest time--it'll take three good coats of acrylic paint to get it all covered. Make sure it's completely dried before starting the next coat, or it'll rub off. I used only two coats, probably should have done the third.
4) Spray the lid and container with the sealant in a well ventilated space.
Here's the finished product, sans headbands.
Here it is filled up with bows and headbands stored on the outside. It turned out great!
Other possibilities: glue ribbons on the edges, cover the top with fabric, modge-podge initials on the lid.