Cut out 2 circles per layer of stand. Take the layers, and like the arrows show, have the lines of the cardboard run perpendicular to each other. This creates a strong and stable board so that the cardboard won’t bend.
Take the paper you want, cut it to the appropriate shape, and glue it to the board. We glued a different patterned/color paper on each side, just for fun.
Glue carefully the choice of ribbon around the outside edge of the board to hide the ugly cardboard.
Take the decorative ribbon (lace or fringe works, or fabric) and attach that as well.
Use your cups as the stands between the two levels. I put my cups upside down, since they looked better that way.
If you want, you can always cut the appropriate sized circle from any patter/color of paper and set it on the circles, to match whatever cupcakes you have that time!
Here’s my cupcake stand in use for our Pink Lemonade Cupcakes.