I'd say one of my favorite places to find inspiration is bloomingdales.com; everything is extremely cute, but also very far out of my price range. Recently I came across this trendy tie dye poncho by Quotation (retails for $85), I just knew I had to attempt a version for myself.
Here's what you'll need:
2 yards of knit fabric (I picked gray)
Step 1: wash and dry your fabric, make sure to use delicate settings