It took some time but it wasn't difficult to do at all and only cost me $10. the paper is still taped to the back so it looks a little funny but with it off it looks great. My bridesmaid thought I bought it :)
How I made my parasol:
I bought the parasol from Luna Bazaar
I opened a Word document and chose a script font I liked. Make sure there aren't too many swooshes or anything because you'll be cutting it out and tracing it.
Make the font as big as your computer will allow. Mine was like 500 pt or something, I'm sorry I don't remember. Make sure it doesn't cut off part of your letter. I had to seperate mine onto several pages and kept playing around with the size to get it right.
Then I printed them out just on regular printer paper and proceeded to cut them out. It doesn't have to be perfect but just enough so you can manipulate the letters easily.
I set the parasol, opened, on a table in front of me. Make sure you are in a well lit room or have a lamp or something behind the parasol. This will help you see the letters through the parasol.
Use a little scotch tape (or other non-super sticky tape you have on hand) to adhere the letters lightly to the underside of the parasol. I tried to position the tape as much as I could on the wooden spokes and pressed very lightly if I had to place the tape on the paper parasol. It came off really easily in the end though.
So, position the letters how you want. I did mine curved, I've seen them straight across as well. I had FI look at it too to suggest any adjustments needed that I couldn't see up close.
Then you'll take a pencil and trace the letters. Just press lightly so you don't poke through the parasol.
Get your paint color ready by mixing in a little water with the acrylic paint (the little plastic bottles you can buy at any craft store). Not too much so it's runny but just enough to thin it out a little so it's easier to paint onto the paper. This was kinda trial and error for me. If you end up adding too much water you can just add more paint and vice versa. If it's too thin it'll run and drip on the parasol, if it's too thick it'll be harder to paint and take longer to dry.
Use a small paint brush to fill in your outlined letters. I ended up doing two coats because once the first coat dried I could see some translucent spots in the letters.
Let it dry. Remove paper letters from the underside of your umbrella and voila!
I hope this helped any of you wanting to make this. I already owned the paint, paintbrushes, paper and ink so the parasol itself was the only cost for me. And like I said earlier, this wasn't difficult per se, just time consuming. Good luck crafty ladies!