Starting with the beginning, this is a tutorial on how to make Buttons. These use a circle punch, but if you don't want to buy one, you can cut them neatly by hand before shrinking them. After they shrink, if there are any burrs, you can sand the burr off and then re-heat them to smooth out the edge again.
If you aren't confident with your neat cutting skills or drawing skills, this free-form shape charm bracelet project is for you. This project uses shrink plastic mixed with beads. If you want a similar design, but in black or white, you can use the solid color shrink plastic, vs. coloring the frosted type.
Using existing images to create a design is also an easy way to make beautiful pieces. Since shrink plastic is available in frosted (which is the clear that has been roughed up on one side to accept paint, pens and pencils), this makes it very easy to trace over designs using a permanent drawing pen (the finer the tip, the better for this). This necklace project uses a tattoo design of an anatomical heart and banner.
This beautiful Shrink Plastic Statement Necklace from Alisa Burke uses white and frosted shrink plastic. To create the designs on the white plastic, Alisa doodled flowers all over it with a drawing pen. For the clear, she drew individual flowers with the drawing pen. Then, she used acrylic paint to add a color to the rough side. The nice thing it that you can layer the paints. The smooth side will show the clean design. The painted side will be against your skin, so you will want to seal it after shrinking the pieces. Alternatively, you can use permanent markers or colored pencils. Also, you want to seal those after shrinking, so the oils in your skin don't affect the color.
Steampunk is really hot right now in the costuming and crafting world. If you need some cogs and gears to go with your outfits, using shrink plastic to create them is a great idea. I can definitely see these linked together as a statement or cluster necklace. They would also make great accents to hair accessories, one of a kind cuff links, buttons, hats, and bags.
I think by now, you have figured out how to make some wonderful pieces. Then, here is some craft eye candy for inspiration.