So I was making another ribbon box this weekend (to sell this time) and so I snapped a few pics of what I was doing. I just start out with a photo storage box, from Michaels. They put them on sale all the time, and recently were 5/$10. Paired with a 25% off coupon, they became pretty darn cheap!
I figured out how many ribbons I wanted to store in the box, and did a bit of math to figure out how far apart to place my holes, and began punching. After some trial and error I also decided that it is easier to punch one hole and measure the next to make sure I am on the right track.