Cut a piece of felt into a 3 1/2" circle. Glue a button to the center of the felt circle.
Cut a line from the edge of the felt to the center where the button is. Repeat this around the circle a total of six times, spacing them an inch or so apart. Now cut those flaps into petals by rounding the edges.
Glue the felt flower you just created to another piece of felt of a different color. Use the first flower as a guide and cut around the petals, leaving a 1/4" border all the way around.
Repeat the previous step twice with two more contrasting felt colors.
Glue the layered flower (there should be a total of four layers) to the patterned felt and repeat the cutting process to complete the fifth layer. Glue a magnet to the back.