It is very easy to make a pom pom. Easy but also monotonously boring. It involves a lot of winding wool. If your fingers tire easily then this may not be the project for you. It is fun at the end when you have your pom pom though. Children love it. In fact if you have access to a child I recommend using them for the more monotonous winding stage.
First, you need to cut out your template. You need to cut a donut shape out of something fairly stiff - a cereal packet works wonderfully. Here are a series of templates I have made for different sized pom poms. Cut around the outer circle, then cut out the middle circle. Use this to draw around onto cardboard. You'll need two for each pom pom. I failed to take adequate photos when making the above pom pom - sorry.
Next, place the two donut shaped pieces of card together. Pick some wool - if you alternate colours then you get stripes like on mine. Wind the wool around the rings. This is now the tedious part. Keep winding.....and winding. And winding.....until your donut looks like this:
Make a loose slip knot with the two ends of wool. Then cut along the edge of the wool - cutting between the two pieces of cardboard.
When you've cut all the way round tighten the slipknot, tie another one, pull and the cardboard and voila you're done. Nothing left but to enjoy your new pom pom.