I started by dividing all my punches into two piles: border punches in one pile and everything else in the other. I got out a scrap of black cardstock and punched a sample from every border punch. I used white cardstock to create a card for each punch, then attached each sample to one and wrote the name above it. I used my Crop-a-dile to punch a hole in the corner of each card.
I wanted to be able to quickly find each punch, so color-coding was the next step. I got out my cardstock scraps and punched circles to match each border punch. Here's what the back the cards look like:
I added a ring, then tied an orange ribbon to the ring, indicating that every punch on the ring is Fiskars brand. If I happened to own any other brand of border punches (which I don't), I would have made a separate ring for each brand and added an appropriate ribbon.
I did the same thing for my miscellaneous punches. I have two rings of those, one for my Fiskars punches (in the picture below), another for the rest (mostly Marvy Uchida).
I love my new organizers! It's great to have a visual reminder of what I own, plus I love having the names of the punches all in one place.