Alright, so I started out with a dark purple purse. I used white fabric paint and several coats to paint it white. It would be much easier for you to start out with a color closer to white, or a white bag altogether.
After my bag was white, I glued on the bow. I added smaller dabs of glue to keep it open and make it pretty, because my bow came from an old shirt, so it wasn't as stiff as many bows are.
After the bow was on and looking fabulous, I added my rhinestones. I glued on random ones randomly, being careful to not put any of the same colors next to each other. If you choose to use all the same color, that's good too.
You can leave it as an actual clutch, or (like me) you can add a chain handle. This can be sewn or glued on. I was in a hurry to finish, because my cat was getting interested, so I glued on the chain and reinforced it by threading it through a piece of fabric and adding another piece of fabric glued on top of it, but I might go back and sew it instead.